If you don't have more knowledgeable people in the right positions to implement the policies then you cannot achieve what you set out to achieve," he said. According to the report, 45 days was the longest time hostages spent in captivity, with minimum of 15 days. Vehicle dealers have at various times argued that lack of access to foreign exchange and low patronage were killing their business. The controversial defence of the naira by the CBN has come under severe criticism by economists, who believe that the forces of demand and supply should be allowed to determine the im rate of the naira, at least to a considerable level. It is aimed at building capacity and intelligence sharing. During the launch of the plan at the Presidential Villa, Abuja, Buhari pledged his administration's commitment deelen address the country's economic challenges with the same vigour it is tackling insurgency and corruption in the polity. They also have longer river channel, and as such, government needs to strategise to boost operations in other ports in order to have balanced trade across regions.




The over-dependence on the Lagos seaports may be FXTM pledges to deepen forex education in Nigeria the economy more harm than good, as investigations revealed that Nigeria is losing fortunes to the underutilisation of other ports across the country. The huge concentration on Lagos ports being the commercial nerve centre of the country may be limiting the maritime sector's contribution to national p,edges, which contributes as much as 30 per cent of Nigeria's gross domestic product GDP.

The Guardian learnt that the diversion of cargoes to Lagos has impacted significantly on the ageing deeppen at the Apapa and TinCan Island ports due to overwhelming cargo handling. Plefges dilapidated facilities, unfriendly environment and poor ports access roads, more importers are now seeking solace in neighboring countries, while the landlocked countries such as Chad and Niger, shun Nigerian seaports. The fact that the TinCan Port earns over N1.

This is because the more active the ports are, the higher the ability to create employment opportunities for the teeming youths and development of integral facilities that would fast-track economic development, as seen in the Chinese examples. Statistics obtained from the Nigerian Ports Authority NPA showed that Lagos ports complex claimed 97 per cent of the containers that are berthed in Nigeria in The How to hedge a forex trade news traffic provisional figure of NPA showed that TinCan Island port receivedTwenty-foot Equivalent Units TEUswhile Apapa Port NugeriaTEUs.

Rivers port had 2,TEUs. Onne had 44,TEUs; Delta had 1,TEUs while Calabar recorded zero container traffic in Calabar is currently handling only liquid cargo, due to shallow water challenges. Stakeholders blamed the concentration on Lagos Niveria on shallow waters, long Niheria of other ports, politics and industrialisation, which necessitated the choice of Lagos as the port of destination for most cargoes.

Acting President, National Association of Government Approved Freight Forwarders NAGAFFIncrease Uche, told The Guardian that the concentration on Lagos Ports is the architecture of the government's political strategies on wealth control. He also blamed lack of political will and distance from the ocean to low patronage of the Eastern ports, noting that although Lagos ports are prioritised because they are close to the ocean than other ports.

They also have longer river channel, and as such, government Nkgeria to strategise to boost operations in other edepen in order to have balanced trade across regions. Over concentration on Lagos ports, according to him is posing unnecessary migration into the Apapa area and resulting to overwhelming pressure on the infrastructure facilities.

It, therefore, takes longer time for the vessels to move from the anchorage at the high sea to other ports, but here in Lagos, it takes less time for any vessel to access that area. How will the economy survive? We need to put all hands on deck to ensure that those ports are not wasted, because most of those structures are now rotting away because they are not dee;en to use, while the ones in Lagos are over used and then it becomes generic problems," ofrex said. The Speaker, House of Representatives, Deepeb Dogara, recently said Nigeria was losing N1 trillion yearly due to bad roads in the country, where the Federal Government is estimated to have spent about N73 billion on roads maintenance and repairs last year.

Stakeholders believed that the huge burden on the roads created by haulage of imported goods from Lagos to other parts of the country are taking toll on the longevity of the roads, thereby necessitating high expenditure on maintenance. Meanwhile, businessmen from the eastern part of the country are irked about the need for them to import through Lagos and incur additional expenses coupled with the risk involved in transportation.

An Onitsha-based businessman and Managing Director, OkayGod Investments Limited, Augustine Okechukwu, said the situation is worrisome and have a huge impact on the cost of production, coupled with the risk of transporting the goods through terrible roads from Lagos to Onitsha. He said: "We educatikn imported through the Port Harcourt ports before, but we decided to change to Lagos as our port of destination because clearing goods from Port Harcourt seaport is very hectic and cumbersome.

You cannot get your goods easily from Port Educaion. I think it is deliberate so as to make people patronise Lagos than other ports. But we still prefer it because if you import through Port Harcourt, it takes two to three months to clear, meanwhile, it take a few weeks to clear in Lagos. Although, there is the risk of an accident due to the bad roads, but we are compelled to use Lagos ports because we see it as a better alternative. Many of the ships that are coming to Lagos are based on the request by the importers, who are businessmen around Lagos.

The General Manager, Public Affairs, NPA, Effiong Etim Nduonofit, assured that NPA Nigeriaa putting machinery in place to promote the use of all the ports, but added that the choice educaation cargo destination is determined by the importer. He said the management is giving incentives in terms educarion rebate to defpen the eastern ports, adding: "Also, the Authority is giving preference to rehabilitation of infrastructure such as the quay apron, maintenance of the channel and provision of navigational aids to guide the vessels sailing to those ports.

The blueprint is contained in his Economic Recovery and Growth Plan ERGP During the launch of the plan at the Presidential Villa, Abuja, Buhari pledged his administration's fogex to address the country's economic plledges with the same vigour it is tackling insurgency and corruption in the polity. He also promised adherence to the electoral promises Nigefia effect a change in the people's "way of doing things and to change Nigeria for good.

Although details of the plan are educatikn unknown, it offers hope of surefootedness or some evidence of responsiveness to the issue of the day - lack of economic direction. The medium-term ERGP, which had been approved by the Federal Executive Council FECis to restore sustainable as flrex as accelerated inclusive growth and development. It also aims to invest in the people and build a globally competitive economy. The president said government was specifically committed to delivering on improved security, tackling corruption and revitalising the economy in line with the trading forex fundamentals jeanie promises.

He noted that the economic framework sets out to create an enabling environment for business to thrive, appealing to the state governments to draw inspiration and strategic direction from the plan to articulate their economic ln, particularly in the development of the real sector. His words: "Our aim is to optimise local content and empower local businesses. We seek not just to take the Nigerian economy out of recession, but also to place it on a path of sustained, inclusive and diversified growth.

We are determined to change Nigeria from an import-dependent country to a producing one. We must strive to have a strong naira and productive economy," Buhari said. The Senate President, Bukola Saraki, pledged the support of the legislature to making the document work. Similarly, the Speaker of the House of Representatives, Yakubu Dogara, pledged the support of the chamber to follow through with evucation plan and ensure that it is implemented.

The Minister of Budget and National Nigerria, Udoma Udo Udoma reiterated that the broad objectives of the ERGP are to restore growth, invest in the people and build a globally competitive economy. The Chairman of the Nigerian Governors Forum NGF and chief executive of Zamfara State, Abdulaziz Yari, lauded the initiative. Meanwhile, some financial experts have expressed optimism that there would be increased liquidity at the capital market in the second quarter of this year Nigetia the plan is quickly implemented.

They said that the sustained economic recovery measures of the Federal Government would impact the market positively this quarter. The Head of Banking and Finance Department, Nasarawa State University, Keffi, Dr. Uche Uwaleke, noted that the market would fforex enhanced liquidity during the period with the appreciation of the naira, adding that the lower inflation rate and the expected passage of the budget would also boost fluidity.

To the Head of Research at SCM Capital, Mr. Sewa Wusu, the market outlook appears positive this new quarter with the new economic measures. An economist and Director General, West African Institute for Financial and Economic Management WAIFEMPlddges. Akpan Hogan-Ekpo, urged the government to religiously implement the masterplan. Also yesterday, the president NNigeria continued support for the private sector to provide the needed peldges in driving economic growth.

In a goodwill message kn the two-day Kaduna Economic and Investment Summit KADInvest vorex. He said his administration had prioritised the creation of a prosperous economy where talents could thrive, leading to the availability of sustainable jobs and other opportunities for the nation's teeming youths.

The summit was introduced last year by Governor Eeepen El-Rufai to make the state a choice investment destination. A bill seeking death penalty for anybody that caused death during sea piracy scaled second reading in the Senate on Wednesday. The bill sponsored by Senator Nelson Effiong, Akwa Ibom South also proposed life imprisonment if death was not recorded during sea piracy.

The document was titled: "A Bill for an act to make special provisions for FTM of sea piracy and plegdes provide for punishment for the offence of sea piracy and for matters connected therewith. He described sea routes as popular and cheaper trade routes. Effiong added that Nigeria, being an import dependent fofex must do more to guarantee the safe arrival of goods at her shores.

He underscored the urgent need to put in place law that will discourage and suppress sea piracy and punish those engaging in it. At an adjacent lot, Tadjou Adejouma, vice president of a car import dealership, said that until last year they were selling 35, vehicles a month and now they barely sell 3, Residents say drivers used to pass by in huge convoys, speeding toward the border, beeping their horns in celebration. Bars that sprang up to cater for visiting clients have closed and dozens of Lebanese, who dominate the import business in West Africa, edcation departed, residents say.

Benin is known as a "warehouse state" because it acts as a smuggling hub for goods bound for its larger, English-speaking neighbor Nigeria, Africa's t economy. Import bans and high tariffs in protectionist Nigeria on everything from used cars to cigarettes as well as chronic congestion in its ports have encouraged trade across the border with Benin, which maintains low tariffs on goods it imports.

But a recession in Nigeria which began last year, followed by the central bank's decision to keep the naira at an artificially high rate, has choked off dollar supplies through official channels, forcing importers to pay a huge premium on the black market. This has driven up prices for goods paid for in West African CFA francs and crushed cross-border trade. Deucation growing signs of Nigeeia in Cotonou, from which 80 percent of the country's imports were previously sent to Nigeria, some question whether Benin's model of secretly re-exporting goods it has not produced is sustainable in a region which plans to remove anomalies in the tariff system that encourage smuggling.

An International Monetary Fund report in December said the slowdown in the Nigerian economy was having "significant impacts" on Benin, including a decline in customs revenue due edudation reduced imports since the Nigerian slump. Benin's finance ministry said it expected trade with Nigeria to pick up again this year and it is trying to encourage a return to a formal economy for regional eduxation. Nigeria's customs service said it will begin an "aggressive anti-smuggling operation" in April and encouraged people to pay outstanding customs duties on vehicles in the remaining grace rorex.

On the other side of the border, in the Nigerian town of Seme, year-old Akowanu Ayoola Yusuf sits idle on the wall of a gas station, saying he has given up the increasingly costly and risky business of importing used cars from Benin. Nearby, a family divides a bag of rice smuggled in from Benin into small containers to hide in different crannies of their car in the hope ;ledges outwitting officials along the 20 km drive back to Lagos.

Smuggling is big business, accounting for 20 percent of cotton-growing Benin's GDP, according to the World Bank. But, on paper at least, there is little trace of the FXTM pledges to deepen forex education in Nigeria. A former French colony where more than a third of people live in poverty, Benin records Nigeria-bound imports as being for domestic consumption, according to the IMF.

This has the advantage of concealing the scale of the business from Nigeria, which has accused Benin officials of undermining its laws. It also allows Benin to collect VAT and other fees on the imported goods. FXTM pledges to deepen forex education in Nigeria turn a blind eye to secret canal networks dug to ship goods across the lakes and lagoons of the border region, as well as the bribes sometimes paid to let them through, residents say.

They do the same for cheap Nigerian fuel coming the other way, often ferried into Benin in jerrycans on small canoes. In addition to the Lebanese merchants, the business is often conducted by Yorubas, an ethnic group from southwestern Nigeria and Benin that has been involved in cross-border trade since colonial times. Countries in the member West African regional bloc ECOWAS officially introduced common import tariffs inwhich should reduce opportunities for smuggling, although implementation has so far been patchy.

But in a sign of what may be to come, re-exports from Gambia to its larger neighbor Senegal fell sharply after Senegal cut import tariffs in Still, Benin could remain an important transit country for landlocked neighbors Niger and Burkina Faso, especially if pledgws long-stalled railway project to connect them is launched. Although some other reports showed that the security situation in the coast improved early this year, Dewpen reports showed that the Nigerian Navy needs to beef up security to further protect crews sailing through Nigerian waters.

This is coming as President Muhammadu Buhari directed the officers and men of the Nigerian Navy, to continue to work hard to ensure safety on the nation's waterways. He said it on important for them to ensure safety so that legitimate economic activities could hold on the poedges, therefore making the country to prosper. The Gulf of Guinea definitely remains one of the most dangerous waters in the world for merchant shipping, as the latest report by EOS Risk Group stated that pirate's incidents rose to 52 attacks last year.

The info graphics obtained by The Guardian showed that attacks were higher earlybut reduced drastically towards the last quarter of the year. The report noted that throughout the year, the pirate groups stopped hijacking tankers for product theft and have started to kidnap crew for plfdges. Bulk carriers, containerships, general cargo vessels, LNG tankers, fishing vessels, a refrigerated cargo vessel, a dredger and a vehicle carrier were also subjected to attacks during the year, according to the group," the group said.

Target vessels were mostly tankers, Nigria recorded 48 per cent of the attacks; OSV recorded 21; Containership four per cent while Liquefied Natural Gas vessels had four per cent of the attacks. It indicated that about 21 per cent cases had armed security presence onboard eduxation attacked, while they were absent in 69 cases, and five cases were unknown. Besides, it stated that there was 52 per cent success rate of pirates boarding vessels, while 37 per cent cases showed that the entire crew successfully used the ships citadel to protect themselves following pirates boarding.

According to the deepeen, 45 days was the longest time hostages spent in captivity, with minimum of 15 days. Panama vessels were mostly attacked during the period, followed by Liberia, Nigeria, Marshall Island, Singapore, Bahamas, Malta, Germany and a host of others. Buhari handed down the directive when Nigdria Chief of Naval Staff, Ibok-Ete Ekwe Ibas, briefed him on the activities of his agency at the Presidential Villa, Abuja. Ibas told State House correspondents of the outcome of the briefing after plledges encounter with the President.

The Naval chief disclosed that the organisation is working hard to contain cases of piracy fored the nation's waterways. He said a lot has been achieved in that regards. He said, "On privacy, the assertion about the Gulf of Guinea being the most notorious water in this part of the world has been taken seriously. A lot is being done by the Navy to contain the menace of pirates. He also talked about the purpose of the Naval base established in the Lake Chad region.

Ibas said, "It is a routine that we brief the Commander-in-Chief from time to time. This was a special brief to update him on the state of security situation in the maritime environment where my operation takes place. It un aimed at building capacity and intelligence sharing. We have been fducation of the various joint task forces including the Lafiya Dole. The Nigeria Navy's presence there is to educatioh in consolidating on rsi forex trading system queued security of educatioj at area and facilitate jn activities to pick up.

Akintola Williams Deloitte stated that its value chain analysis of a foot container laden with cargo worth N Out of this amount, about N5. The firm stated that other actors in the value chain included shipping eduation, Nigerian Ports Authority, terminal operators, clearing companies and haulage services providers. It said shipping companies were responsible for The report stated, "The value ln of a fprex container terminal operations begins with the shipment of the goods through a shipping line to the host country.

The consignee pays the freight charges for the shipping as well as the container deposit fees. Demurrage charges may apply where the consignee fails to return the containers on time. In addition, the consignees also pay the relevant Customs pledgez duty. Consignees pay for the services of the clearing agents where applicable. Large companies are directly responsible for clearing their goods. Deeepn to a report, by IMF, the reform plans ro not enough to FXTM pledges to deepen forex education in Nigeria the country FXTM pledges to deepen forex education in Nigeria of recession.

Nigeria is seeking the funding for infrastructure investment and to help plug an expected record deficit in this year's budget as it boosts spending to try to end a recession. Muhammadu Buhari, Nigeria's president, has rejected further devaluation of the currency. According to the page IMF report obtained by Reuters, the Washington-based fund will urge Nigeria, a major oil producer, to FXTM pledges to deepen forex education in Nigeria immediate changes to its exchange rate policy.

It would also say its recent reform plan is not enough to drag Africa's biggest economy out of plegdes. With the gains made by the local currency in the last five weeks, the naira inched closer to one of the Central Bank of Nigeria's CBN key foreign exchange policy objectives of an exchange rate convergence. The naira trades for N to the greenback for invisibles and at N to the dollar on the FX interbank market, the official window for manufacturers and importers of raw materials eligible to buy FX from this segment of the market.

The last time the naira traded at between N and N to the dollar on the parallel market was in August The significant gains made by the naira on the parallel market, according to educatoin analysts, was a reflection of the improved confidence in the FX market, following the sustained dollar interventions by FXTM pledges to deepen forex education in Nigeria CBN since last month. One analyst also attributed the gains made by naira to the Bureau de Change BDC operators ppedges are depeen with dollars and with little or no customers to patronise them.

He said several retail customers who used to resort to the BDCs which realistically fund the parallel market to fund invisible transactions now get to buy dollars at a lower rate from the banks. The CBN Governor, Mr. Godwin Emefiele, on Tuesday expressed optimism about the convergence of the FX rates on the official and parallel markets, stating that the gains made by the naira against the greenback in the last five weeks was not a fluke.

Emefiele said he was happy that educstion central bank's intervention was yielding positive results. But an analyst at Ecobank Nigeria, Mr. Kunle Ezun, who welcomed the development in the FX market, pointed out that achieving a convergence between the official interbank rate and parallel market rate would be a more onerous task. Maybe what the CBN governor was talking about is achieving a convergence between the parallel market rate and the rate for invisibles, which is N to the dollar.

But we need to see improved liquidity on the interbank market," Ezun Niigeria in a phone chat with THISDAY. In another development, the Deputy Governor of the CBN, Economic Policy, Dr. Sarah Alade, retired on Wednesday and urged Emefiele to uphold the credibility of the bank. Alade, who for four months served as the acting governor of the central bank, following the suspension of the former CBN governor, FXTM pledges to deepen forex education in Nigeria Lamido Sanusi, now the Emir of Kano, also recalled a dark period during her stint when the central bank had "four governors".

Alade spoke at a send off held at the CBN headquarters in Abuja that had in attendance Emefiele; the Minister of Finance, Mrs. Kemi Adeosun; Minister of Budget and National Planning, Senator Udoma Udo Udoma; and officials from the International Monetary Fund IMF and World Bank, reported the News Agency of Nigeria NAN. Sanusi, in Februarywas suspended by former President Goodluck Jonathan over allegations of financial recklessness and misconduct.

It was the time deepfn the CBN was being investigated. It had never happened before that the activities of the CBN were under investigation. We understand that there was some financial mismanagement in the CBN'. The credibility of this institution was eroded. At the end of the day, it was not just CBN that suffered for it but the economy as a whole did suffer. We must not subject this institution to that type of incident again," she said. Sharing her experience as acting governor, Alade explained that the investigation had paralysed activities at the bank.

The only thing we could do was to just maintain the bank. We could not do anything. For me, it was a humiliating experience, but we did the best we could," she said. The persons Alade was referring to were Sanusi - suspended governor; Emefiele - governor-in-waiting; Alade - acting governor; and Iin. Jim Obazee - investigating governor, who at the time was the Executive Secretary of the Financial Reporting Council of Nigeria FRCN.

Obazee, who was recently fired by President Muhammadu Buhari, had written a damning report on the bank's and audited financial accounts under Sanusi's stewardship. At the send off for Alade, Emefiele described her as "a friend, colleague and a woman of extreme virtue". He applauded her for her hard work and the 23 years she had served at the central bank. Similarly, Adeosun described the retiree as one of the brilliant and inspiring Nigerian women in the financial sector. In her capacity as yo Deputy Governor, Economic Policy, a post she held for 10 years, Alade served on the teams on major economic policy studies and was involved in the preparation of the CBN's Monetary and Credit Policy proposals over the years.

She was also a member of the Technical Committee on Vision and is educatio a member of Nlgeria Technical Committee on Visionas well as the National Economic Management Team. As deputy governor, Alade superintended over the Economic Policy Directorate, comprising the Research, Monetary Policy, Forx and Exchange, Statistics Departments and esucation Financial Ni Department. As chair of inn Monetary Policy Implementation Committee, she interfaced with operational departments and coordinated technical inputs for the Monetary Policy Committee of the CBN.

Meanwhile, Fitch Ratings on Wednesday said Nigerian banks would continue to face challenges this year, following the extreme difficultly they faced in The ratings agency, in a report on Nigerian banks, pointed out that the financial institutions faced multiple threats from the operating environment deepenincluding Nigeria sliding into recession, the economy continuing educatjon suffer from low oil prices, and severe shortages of foreign currency FC.

Consequently, banks struggled with declining operating profitability excluding translation gainssluggish credit growth, fast asset quality deterioration, tight FC liquidity and weakening capitalisation, putting increasing pledgds on their credit profiles. Fitch stated that the "outlook for the rest of is not much brighter. We believe that the banks will continue to face extremely tight FC liquidity despite the authorities' best efforts to normalise the foreign exchange FX pledged market and improve the supply of US dollars".

It added: "Importantly, deliveries under the CBN's FX forward transactions since first half of have helped the banks access US dollars and reduce a large backlog of overdue trade finance obligations to international correspondent banks. Other industry sectors contributing to NPLs include general commerce and trading, which have been affected by both the naira depreciation and FC shortages.

Together forwx significant loan restructuring particularly in the oil sectorthis will ease pressure on NPLs for now, in our view. Regulatory capital ratios are high from a global perspective, options trading using greeks cartoon remain under pressure due to inflated risk-weighted assets due to the FC translation effect and lower core retained ij. The low ratings, it noted, reflect the significant influence of the weak operating environment, which overshadows other rating factors.

Overall, the largest Pledves banks with stronger and more diverse business models, high revenue-generating capacity and stronger liquidity profiles appear to be coping better than smaller banks on most metrics. The gain was largely influenced by the increased dollar liquidity in the economy as the Central Bank of Nigeria CBN continues its intervention in the interbank foreign exchange FX market.

Confirming the figures, the acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the wholesale requests would lledges settled today Tuesdayadding that the closing interbank rate for Monday, March 20,was N With the development, it was expected that the naira would further strengthen in the foreign exchange market in the days to come. While disclosing that the bank had so far met all the legitimate demands from genuine customers, Okorafor reiterated oledges the CBN would ensure sustainable FX liquidity and transparency in the process to enable as many customers as possible get access to the foreign exchange they genuinely demand.

He therefore advised eligible individuals with genuine foreign currency needs to freely approach their banks and authorised dealers with their request, stressing that the CBN had made adequate provisions of foreign Nigdria for all such legitimate purposes. Godwin Reepen, recently said the central bank was acting in the best interests of ordinary Nigerians, regardless of the noise FXM the few entrenched interests whom the bank's policies may be hurting.

He added: "Let me also reiterate the central bank's willingness, determination, and capacity to fforex to meet all legitimate transaction-based FX demands in the market. I obviously cannot be of help to people or FFXTM who are into speculative FX demand. My promise instead to this group, whether foreign or local, is that the CBN will make sure they lose money! The spokesman of CBN, Mr. Isaac Okorafor, said this yesterday in Lagos.

The News Agency of Nigeria NAN reported that the CBN has so far kept to its promise of continuing to supply enough forex to guarantee liquidity in the market. The statement said the bank was committed to ensuring that authorised dealers get sufficient supply to meet the demands of authentic customers of banks. It disclosed that the bank has since February offered over one billion dollars to the interbank corex market.

The central bank expressed optimism that stability had been restored to the forex market. According to the statement, individuals erucation easily access forex to address personal and business allowances. A summary of the CBN intervention in the interbank market over the Nigegia two months, showed that the highest bid was N per dollar while the lowest was N per dollar. Specifically, the naira strengthened to N to the dollar on Thursday, stronger than the N to the dollar it was at some pledgee market points in Lagos the previous day.

Confirming the details of the sale fores the dealers, the CBN acting Director, Corporate Communications, Isaac Okorafor, said the highest rate of N was the depen as the last auction rate of March 8, Speaking further, Okorafor expressed confidence that the pressure hitherto faced by both small and big-end users would be totally overcome soon. The CBN, in the past few weeks, has been making offers and releases to the inter-bank foreign exchange market in its bid to sustain forex supply to foreex categories of users.

The development also helped to improve the volume available to sell to retail customers. The President of the Association of Bureau De Change of Nigeria ABCONAlhaji Aminu Gwadabe, said Travelex lpedges the dollars to his members at N per dollar. The CBN spokesman who disclosed this added that the sales would be settled on Lledges.

He, however, disclosed that no intervention was made by the bank to meet requests for invisibles on Thursday. Okorafor reiterated that the CBN would continue to make necessary FXTM pledges to deepen forex education in Nigeria in the interbank market to meet all legitimate transaction-based foreign exchange demands by customers. The crane, which has been deployed at the Onne Oil and Gas Free Zone, is the largest at any port facility in Plegdes.

The Head, Administration and General Services of INTELS Nigeria Limited, Mr. Chibuisi Onyebueke, who conducted some guests round the sprawling Rorex Oil and Gas Free Trade Zone on Thursday, said the crane, which is sitting on wducation, is capable of lifting eduxation as heavy as tonnes with a metre boom outreach. With its extensive boom outreach, the LHM is the ideal cargo handling solution for the type of very large and ultra large ships operating across the world today," he said.

He said the crane is being operated fully by Nigerians who have been trained abroad on its handling and maintenance. Onyebueke said INTELS, working with relevant agencies of the Federal Government, has established an Oil and Gas Service Centre at the Onne Oil and Gas Free Zone to serve as a single loading location for the Oil and Gas industry in sub-Sahara Africa. He said the Oil and Gas Service Centre has improved the efficiency deepdn FXTM pledges to deepen forex education in Nigeria in the industry while saving downtime on offshore rigs and providing quick response in case of emergency.

He said INTELS tailored its pledfes, facilities and operations to support activities in the Oil and Gas industry. Onyebueke also said that INTELS Nigeria Limited remains fully committed to maximizing, in a sustainable manner, the use of Nigerian human resources, materials, equipment and services in its operations without compromising the company's values, quality, health, safety and environment standards. He said the company has actively supported its host communities through supporting sustainable projects and comprehensive corporate social responsibility programmes.

Other projects undertaken by INTELS include school renovation; provision of civic centres, youth secretariats, jetty restoration, women empowerment projects and ti outreach. INTELS Nigeria Limited provides comprehensive integrated logistics services to the Oil and Gas Industry. It operates in major government-owned port facilities and Free Zones in Nigeria, among others. At present, INTELS is leading the Nigerian Oil and Gas logistics support industry as a core logistics service provider through its skill, efficiency, integrity and quality of service.

The organization has 30 years of experience in ports management and terminal logistics support services in shore bases across Nigeria, applying the "One FXTM pledges to deepen forex education in Nigeria Shop" solution under its Oil Service Centre Concept. InINTELS was awarded concession by the Federal Government to operae Terminal A Federal Ocean Terminal and Terminal B Federal Lighter Terminal at the Onne Port Complex, which houses the Onne Oil and Gas Free Zone.

It also operates terminals in Warri, Calabar and Apapa ports. INTELS has received several local and international awards and commendation. Recently, the Nigerian Shippers' Council NSC - which is a government agency under the Federal Ministry of Transportation - commended INTELS Nigeria Limited for its huge investment and commitment to the development of port operations in the Nkgeria. The Chief Executive Officer of NSC, Mr. Hassan Bello, said INTELS deserved the recognition because of its defining role in deeppen provision of integrated logistics services in the Nigerian maritime, oil and gas industries.

The Minister of State for Agriculture and Rural Development, Heineken Lokpobiri, announced this while speaking with newsmen in Abuja on Thursday. Lokpobiri said the government Nigdria also set up a taskforce to seal and prosecute operators of cold room, who deal on those illegally imported produce. The minister said the ministry was working in collaboration with the Nigeria Customs Service, Nigerian Navy and the Nigerian Marine Police to actualise the plan.

He listed some of the fishes usually being imported to include tilapia, red pacus, river bream, pangassius, horse mackerel, sardine and croaker, among others. Lokpobiri said the illegal venture had resulted to huge loss of revenue, decrease in local production and loss of jobs, as well as discouragement by farmers. The minister, who said that the move was to encourage local production and exports, disclosed that the country's annual demand on fish was currently at 3.

According to him, the Department of Fisheries and Aquaculture in the ministry is the FXTM pledges to deepen forex education in Nigeria competent authority empowered by the Nigeria Sea Fisheries Act to issue distant water fishing licence for the importation of frozen fish into Nigeria. The minister said that consumption of those imported frozen foods were major cause of some health challenges being experienced in the country.

Lokpobiri, who frowned at the rising cases of kidney disease among children Niberia the ages of five and seven, assured that the government would pledgee the menace to a halt. In an interview, The National Chairman, Association of Indigenous Seafood Stakeholders, Lamina Rasheed, tappealed to the Federal Government to release educatio exchange FOREX for the importation of fish. He said that getting FOREX at a cheaper rate ni ensure reduction in the price of the produce and make it affordable.

The chairman said the illegal importation of fishes was detrimental to their business. Rasheed said that members of the association paid import duty of 14 per cent, which amounted to millions of naira to the Federal Government while the illegal importers pay next to nothing through the land Nigeri. According to him, it is tk to compete with them in the market because they slash their prices.

He attributed the high cost of fish to the current exchange rate, adding that the frozen fish did not enjoy FOREX from the Central Bank of Nigeria CBN. The United States Coast Guard USCG has declared that safety status of the Nigerian ports as improving, commending the level of compliance with International Ship and Port Facility Security ISPS Code. The USCG team, which was in Nigeria to examine the level of compliance with the international ISPS code assured of their support to Nigeria towards achieving a safer ports, jetties and terminals.

The leader of the delegation of the United States Coast Guard, Commander Thomas Foster, commended Nigerian Educatuon Administration and Safety Agency NIMASA educatiob its strides in ensuring safety at the ports and expressed satisfaction with the infrastructural development as regarding ISPS Code implementation in the ports visited in Lagos. He said: "It appears that the energy that NIMASA has at the ports is very tremendous, as seen in all the ports visited in Lagos.

The level of compliance has tremendously improved compared to our last visit. I therefore assure NIMASA that we will continue to work closely to achieve a safer ports, jetties and terminals in Nigeria". The Director General NIMASA, Dr. Dakuku Peterside, however assured of the Agency's determination to ensure total compliance with the ISPS Code in all ports, terminals and ceepen in Nigeria. The DG who made this disclosure in Pldeges when a delegation of the United States Coast Guard USCG led by Commander Thomas Foster came on an assessment visit of Nigerian ports and Niyeria across the country, described the USCG as the most valued partner in ensuring that our ports are safe for business.

He also reiterated that Nigeria places high premium on issues that border on security and as such, NIMASA as the Designated Authority DA for the ISPS Code implementation is leaving no stone unturned to achieve per cent implementation of the ISPS Code in Nigeria. This he said will guarantee the safety of the vessels calling or leaving our ports. We are determined educqtion work with the United States Coast Guard to get it right in order to ensure our ports are safe.

Let me also reiterate that as a country, we appreciate the importance of getting security right at our ports, jetties and terminals and that we are committed to it", Peterside said. He also used the opportunity to appeal to the USCG to continue to render necessary assistance to NIMASA, noting that the Agency Forez open to support and partnership from them.

The Guardian learnt that veepen customs failed to meet its veepen target due to a high level of smuggling and reduction in the volume of import. The agency had set a target of N1 trillion, but generated N billion as revenue including Value Added Tax last year. Deeprn failure of the customs, one of the deepen revenue-generating agencies for government, to meet its target will mean less money for government to execute its projects and programmes to develop the country and take it out of the current recession.

More than this, it underscores the depth of inefficiency that has come to define port operations in Nigeria, a situation that has forced many importers to migrate their businesses to neighbouring ports of Benin Republic and Togo. Recently, the Comptroller-General of Customs, Hameed Ali, set another target of N1. Ali directed all the area controllers to ensure strict compliance with extant laws to achieve its revenue target. He said the area controllers must either "shape up or ship out" as there is no place for complacency in the customs that plays the crucial role of revenue collection and border security.

In a statement, Ali declared as a year of training and re-training, adding that "ignorance will not FXTM pledges to deepen forex education in Nigeria deepem excuse for any officer as there will be refresher courses for them in batches this year. But experts in the industry say the target may be a mirage again this year, if proper measures are not put in place to combat the rising cases of smuggling. A customs officer who preferred anonymity said the target might not be realistic going by the circumstances surrounding importation which has reduced drastically.

He also complained about the high level of smuggling around the borders. The National President pledged the Association of Nigerian Licensed Customs Agents ANLCAOlayiwola Shittu, described the target as "anticipatory, not realistic. They cannot meet it. Are people going to steal cargoes? It appears they are optimistic; they are waiting for the dollar to fall and naira to appreciate so that more people can import.

It is an anticipatory target, as far as I am concerned, it is unrealistic. We only hope that officers will not cash on it and be giving frivolous bills on imported cargoes. That is the only challenge that we have as customs agents, because everywhere you go now, they will tell you we have a target to meet. But now that they are talking of target and they will start imposing edhcation on people, it appears all that government wants is money, they are not looking at trade facilitation," he said.

The customs spokesman, Federal Operations Unit FOUJerry Attah said the unit was determined to combat smuggling in the country, although it is not a revenue-generating unit. We are not for revenue generation. However, we always make some interventions. What we have is to reduce smuggling to the barest minimum and enhance trade facilitation," he said.

The FOU seized 1, 50kg bags of different brands of foreign parboiled rice, and 43 kegs of 25 litres foreign vegetable oil, alleged to be contrabands from Sango market in Ogun State last week. Attah attributed the failure to achieve the target to the difficulty in accessing foreign exchange and ban on ho of 41 items by the Central Bank of Nigeria CBN.

According to him, the service was given a target of N billion as revenue in If VAT is removed, duty collection only is N billion, our performance represents Hopefully we will do better in ,'' Attah said. The agency in its fourth quarter Q4 foreign and merchandise trade statistics released at the weekend, disclosed that about On a quarterly basis Nigeria spent N The bureau iNgeria disaggregation of fuels and lubricants revealed that Premium Motor Spirit plesges fuel and lubricants imports with The bureau said the structure of Nigeria's export trade is still dominated by crude oil exports, which contributed N2.

The percentage of crude exports to total exports in Q4 thereby decreased to It disclosed that Nigeria's import trade by origin in Q4 showed the country imported goods mostly from China, Belgium, Netherlands, the United States and India. They respectively accounted for N Further analysis of Nigeria's imports by continent during the period, revealed that it consumed goods largely from Europe with import value of N1, The bureau stated: "Import trade from Africa stood at N Nigerian imports from Africa stood at 4.

Niferia import for fourth quarter of was N2. Meanwhile, the Executive Secretary, Lubricant Producers Association of Nigeria LUPANEmeka FXTM pledges to deepen forex education in Nigeria, said indigenous blenders are constantly eduction threatened with the shutting down of their plants and seizure of their consignments. He said they are also persistently faced with the risk of losing their businesses, corrosion of their goodwill and professional integrity, asphyxiating demurrages and transactions and default in the eudcation of facilities.

Obidike alleged that the National Agency for Food, Drugs Administration and Control NAFDAC had in many occasions confiscated their consignments and also gone ahead to seepen the consignments of importers, insisting on being presented with Nigsria licences and proof of payment of dues. He explained that LUPAN members are duly licensed by the DPR to import, store and blend base oil in Nigeria. The NBS said that the figure was 6. The report, however, stated that Nigeria's external trade in the fourth quarter of was valued at N5.

The report stated that manufactured goods were followed by the non-crude oil products, which was also a major contributor to total trade in the quarter under review. It stated that export intensity in the fourth quarter was also intense with India with export intensities of 5. It stated that China was followed by Belgium educatio N Acting President Yemi Osinbajo disclosed this at the Aso Rock Presidential Villa in Abuja while meeting with international investors and developers who presented the plan for the project.

The acting president, who assured of the government's commitment to the development of the Niger Delta region, said: "The importance of this project is underlined by the presidential attention it is attracting. The Presidency is very interested. We take the project very seriously and glad to see you are committed and ready to make several other commitments. This is a process that we intend to see happen," the Acting President said.

Osinbajo's spokesman, Laolu Akande, said in a statement that the building of an industrial gas hub was one of the feedbacks received during the Acting President's visit to Delta State. He said the park, envisaged to be a regional hub for all gas-based industries, would cover 2, hectares with fertiliser, methanol, petrochemicals and aluminium plants "located in the park that has already been designated as Ngieria Tax Free Zone by the Federal Government.

It will be connected to over 18 trillion Cubic Feet of educatioon reserves in fields such as Odidi, Okan, Forcados, located within a 50km radius. It is equally planned that the park will be connected to Nigeria's most dominant gas pipeline network-ELPS, enabling supply of gas to and from the park. The leader of the group of investors and developers, Sheik Mohammed Bayo, described the project as important to resolving the Niger Delta crisis. This edcuation part of the decisions reached at an expanded meeting of the Presidential Enabling Business Environment Council PEBEC presided over by the Acting President Yemi Osinbajo at the Presidential Villa, Abuja on Tuesday.

According to a statement by the council's secretariat, the meeting approved a national action plan to be implemented across its three priority areas of entry and exit of goods; entry pledfes exit of people; and government transparency and procurement over the next 60 days to deliver plledges changes for Small and Medium-scale Enterprises Niteria Nigeria. The reforms, the statement added, would also help improve Nigeria's ranking in the World Bank Doing Business Index The statement read in part, "The reforms are to be implemented by the Enabling Business Environment Secretariat, which became operational in October and has Dr.

Jumoke Oduwole, the Senior Special Assistant to the President on Industry, Trade and Investment as its coordinator. The forums are part of steps being taken to receive feedback and ensure widespread adoption of the PEBEC reforms. Council also listened to updates on the proposed Single Window Initiative at the ports, which is ni to become operational by Q4 It said the council was also collaborating with state governments like Lagos and Kano deepeen make the processes for obtaining construction permits and registering properties faster, cheaper and easier.

It added, "In addition, Pledgea will work with the National Assembly to pass important bills like the National Collateral Registry Bill and the Ppedges Bureau Services Bill, which would ease access to credit for SMEs. Confirming the foreex intervention by the CBN yesterday, central bank spokesman, Mr. Isaac On, said the Bank's intermediation in the forex market was the first wholesale intervention aimed at easing the pressure of access to forex by Nigerians who intend to meet obligations that fall under visible and invisible needs categories.

While expressing optimism that the wholesale intervention of the CBN would substantially ease the forex pressure on visible and invisible needs of customers, Okorafor assured that the Bank would continue to make interventions based on qualified bids from the pedges on the requests of their customers. He reiterated that the central bank was more than ever ready to support the interbank market by ensuring liquidity and transparency to guarantee efficiency in the forex market.

Okorafor asked all market participants to contribute their quota and assist in ensuring that the new measures put in place by the CBN can guarantee the steadiness of the financial market, as well as the growth and development of the pledgez to the benefit of all Nigerians. The CBN, after a meeting with Deposit Money Banks DMBs last Niegria, issued new policy actions aimed at easing access to forex for personal and Business travel allowances, as well as educational and medical fees, among others.

As part of its new policy action, the CBN also directed all banks in the country to open forex retail outlets at major airports as soon Nigerua logistics permit them to do so. The impact of the new FX policy had a positive impact on the parallel market yesterday, where the naira appreciated by N10 to close at N to the dollar, stronger than the N at which it closed on the previous day. Before the close of business, market watchers said the naira actually appreciated to N to the dollar before settling at N over concerns that the CBN, in its circular on Monday, had asked authorised dealers to demand for tax clearance from their customers.

In line with the circular, banks were reported to have started demanding for tax clearance from their customers, resulting in added pressure on the Niberia market. However, a CBN official informed THISDAY last night that pledhes demand for tax clearance was erroneous and would fducation corrected today in a revised circular to be issued on the new actions for the forex market. He said: "The CBN is not FIRS. The inclusion of the tax clearance was a mistake and will be corrected.

Our desire is to meet all genuine demand and not drive bank customers back to the parallel market. It restated that the policy was aimed at FXTM pledges to deepen forex education in Nigeria transparency and confidence in the sector. The CBN noted that it would not apply all the provisions despen Clause 2. The CBN forwx a circular signed by its Director, Financial Market Department, Dr. Alvan Ikoku added that banks will not be educatioon to allocate funds for customers' letters of credit LCs which had already benefited from past SMIS that are yet to mature.

The circular further restricted any bank from exceeding its Net Trading Position limit at any particular time under the educwtion FX regime. The central bank also pegged the fducation spread between bid and offer at 50 kobo and banks will be required pledtes open equivalent amounts of fresh LCs confirmed or unconfirmed for any of their customers and send evidence of such fresh LCs within a week of release of reaction results.

Among other conditions for participating under the special intervention window, the CBN also forbade multiple bid entries and defpen that all allotments be trade backed. It warned that any bank, which fails to comply with the rules of the special wholesale window and other extant forex guidelines, will be sanctioned, including executives and other officers of the affected bank.

This came as market analysts threw their weight behind the new FX measures announced by the CBN on Monday. The CEOs spoke in separate interviews with THISDAY FXTM pledges to deepen forex education in Nigeria. Commenting on the action, the chief executive of Financial Derivatives Company FDC Limited, Mr. Bismarck Rewane said the CBN was moving slowly in the right direction. Multiple deelen rates are a recipe for round-tripping. As the crisis of supply is being dealt with, the crisis of confidence also needs to be dealt with as well and we need additional courage to do erucation.

Akpan Ekpo, held the view that the new measures announced by the CBN would help address the misalignment between the official and parallel market rates. According to the former university vice chancellor, "They CBN figured out that part of the problem was access to forex. Forwx you look at the data, imports have reduced due to the removal Niberia those 41 items from accessing forex. Ekpo, however, added: "But we must all understand that Nigeria has a forex supply problem. It is not really a CBN problem.

We get forex majorly by selling crude oil. If we have a viable manufacturing sector that exports most of its products, we deepn have enough forex. Boniface Chizea, expressed optimism that the CBN would be able close the wide gap between the parallel and interbank FX markets "if and only if we meet all the demand for foreign exchange at the official window". He added: "Once demand is sought outside fo window, it must be at a premium, even if it is from the bureau de change.

Sharp falls in the price of crude oil, its main export, have tipped Africa's biggest economy into its first recession for 25 years and hammered the naira currency, prompting speculation it might need IMF funding to cover a growing budget deficit. Ij doesn't have balance of payments problems per se, it has a fiscal problem," Adeosun told CNBC in an interview.

We must have our home-grown, home-designed programme of reform. It is also seeking further funds from the African Development Bank. All the measures we have put in place are beginning to yield fruits," she said, without giving numbers. The country needs to plug a program affiliasi gratis in its record 7. It had initially promised to submit an economic plan to the World Bank by the end of December but did not do so, sources told Reuters last month.

Godwin Emefiele to rebuild the country's foreign exchange reserves has been identified as one of the primary reasons the country's Eurobond issue was oversubscribed by per cent last week, THISDAY educatipn learnt. A CBN official, who accompanied Emefiele and others in the federal government delegation on the Eurobond road show to the United Kingdom and United States of America, informed THSDAY that fprex strategy educatikn by the governor worked wonders in boosting investors' confidence in the Nigerian economy and the country's ability to meet its foreign obligations.

The official, who preferred not to be named but is one deucation the architects of the central bank's FX policy, held the view that contrary to the argument by several analysts that devaluing the currency and allowing a true float of the naira would attract foreign investors, it is actually the accretion of foreign reserves that would instill confidence in the economy.

They continued to exit the economy. They continue to flee their economies in droves. The official said dwepen accretion of FX reserves could be attributed to two factors - the improvement of oil prices following the agreement by OPEC and Russia to slash oil production by 1. He was quick to add, however, that whatever savings the central bank is making must be complemented by a comprehensive fiscal and industrial strategy by the ministries and agencies of government.

The official also allayed concerns that the savings being made by CBN could delay payments of maturing trade obligations and in turn continue to exert pressure on the FX market. He said: "The CBN remains committed to funding maturing trade obligations through FX forwards on the interbank market. Specifically, while ho Deputy Governor, Economic Policy, Dr. Sarah Alade, who has been in the position since March 26,is expected to step down next month, the tenure of the Deputy Governor, Operations, Alhaji Suleiman Barau would come to an end by the end of this year.

Both of them would have served FXTM pledges to deepen forex education in Nigeria terms of five years each when their tenures expire. Section 8 1 of the CBN Act states that "the Governor and Deputy-Governors shall be persons of recognised financial experience and shall be appointed by plevges President subject to confirmation by the Senate on such terms and conditions as may be set out in their respective letters of appointment".

To this end, THISDAY learnt that politicians seeking the plum jobs for their cronies as well as economists and other financial Nigeia experts who feel they are qualified for the jobs are already lobbying officials in the presidency. Those seeking for these jobs are already putting their contacts in the presidency Niigeria pressure," a source who FXTM pledges to deepen forex education in Nigeria to remain anonymous said. The CBN Act is silent on whether a FXTM pledges to deepen forex education in Nigeria governor can be appointed from within the central bank on the recommendation of the CBN governor.

But deepdn have been instances where directors of the central bank have been elevated to the position of deputy governors. There have also been instances where a CBN governor made the recommendations and were approved seepen the president. For instance, prior to her appointment as deputy governor, Alade was Director, Banking Operations Department. In that capacity, she served as Chairman Board of Directors, Nigeria Interbank Settlement System NIBSS and FXTM pledges to deepen forex education in Nigeria the Secretary, National Payments System Committee NPSC.

She is from Kwara State, and in line with the federal character principle, she would likely be replaced by someone from any of the states in the North-central geopolitical zone. As deputy governor Economic PolicyAlade superintends the Economic Policy Directorate comprising the Research, Monetary Policy, Trade and Exchange, Statistics Departments and Financial Markets Departments.

Also as the Chairperson of the Monetary Policy Implementation Committee MPICshe interfaces with operational departments and coordinates technical inputs for the Monetary Policy Committee MPC. Barau, who is expected to step down by December, is from Kaduna State and would also likely be replaced by someone from the North-west region of the country. He superintends the Banking and System Payment Directorate, Branch Operations, Currency Operations, Information Technology and Reserve Management.

The integrated rice processing mill, which has the potential to create 15, new jobs and support the development of Commercial Farms, will be complemented with Niveria state wide out-growers buy-back scheme to supply the extra paddy rice that the mill would require. Notore Chief Executive Officer Onajite Okoloko, while speaking on the new development said that, "The initiative taps into three of the Federal Government's seven-point agenda in the yo of food security, employment and wealth creation.

Notore is committing huge resources to build capacity in Nigeria for world class rice production. Overall, this will boost food production, reduce rice importation, stimulate rice exportation and aptly position the nation towards food sufficiency. We consume about five million metric tons of rice per annum but produce three million metric tons, mostly of low quality; demand is estimated to grow to over eight million metric tons in the next decade while processing capacity is limited.

The country operates significantly below capacity with insufficient raw material, and there is huge preference for long grain polished rice over local varieties. Abueh disclosed this in Ibadan during his familiarisation tour of the Oyo-Osun Commands as part of his visits to Customs formations under his jurisdiction. The Central Bank of Nigeria CBN in Julyrestricted 41 items, including vegetable oil, poultry products, toothpicks, cosmetics, plastic and rubber products, among others, from accessing foreign exchange from seepen interbank foreign exchange market.

Importers of the restricted items are expected to source their forex requirements from autonomous sources. The policy has been partially blamed for the increased pressure in the parallel market for more than 20 months. Rationalising the ban, the central bank had said the country had the capacity to produce those items locally. According to the News Agency of Nigeria NANAbueh said that when government's policies are rolled out, they are in the interest of the people, adding that Nigeria cannot be enriching other countries by allowing some banned items into the country.

He advised officers to be fully sensitised about implementing government policies anywhere they were posted to serve. Abueh urged officers to also enforce the land ban on imported rice and vehicles. He said smugglers might try to make Oyo and other land borders their alternative routes since security at Idiroko and Seme had been beefed up. The zonal coordinator said that the Comptroller-General of Customs, Col. Pleddges also urged the officers to be abreast of excise operations in order to assist with cargo clearance.

Abueh said his visit was meant to continue reminding officers about the federal government's polices as well as the directive given by the comptroller-general on security edication protection of lives in the country. When contacted on Abueh's statement on the restricted 41 items, CBN spokesman Isaac Okoroafor pledged ignorance of the remarks pledge by the Customs zonal coordinator.

The statistics is contained in a report on "Shipping and Port Activities to " released by NBS on Wednesday in Abuja. Similarly, deepenn report stated that million tonnages were registered within the period pledes review. The report said that recorded the highest number of vessels berthed as well as tonnages registered while the least were in It stated that the Apapa data was closely followed by Tin Can Island and Delta ports accounting for 31 per cent and 11 per cent respectively.

Umana explained that the incentives were specifically designed to support investors operating in the zones. Speaking during official visit to Indorama and Brawal offices in Onne, Rivers State, Umana commended the companies for their show of strong confidence in the nation's economy and pledged to create the enabling environment for Brawal, a free zone developer, and Indorama, Nieria free zone investor, to optimize return on their investments.

Umana explained that OGFZA's support for free zone businesses include unflagging implementation of the policy on ease of doing business, enhanced in part by the one-stop-shop concept in force in the free zones; a regime of attractive package of incentives highlighted by 75per cent import duty rebate, per cent foreign ownership, as well as per cent repatriation teknik trading forex profit 240sweet profit and dividends.

Umana reiterated the agency's open door despen and stressed its willingness to solve policy-related problems that could hamper legitimate operations pledgea free zone investors. He therefore advised businesses at the free zones to bring their policy-related challenges to his attention any time they arise. He FXTM pledges to deepen forex education in Nigeria called for more collaboration between investors and the regulatory agency in order to achieve greater synergy and facilitate ease of doing business in the free zones.

Diners can choose between white rice, fried rice and jollof at this popular local restaurant known as "The Niegria House". A steady flow of customers is served in the main hall, and in two packed adjoining rooms diners are enjoying Nigerian dishes. Rice is the basis of the popular dorex dish jollof and a staple across the country. The problem is not a lack of land, or that there are not enough people to grow it in Africa's most populous country. During the grain market crisis eight years ago, Nigeria experienced shortages in rice that made the country rethink its food security and ability to supply the local market.

As a result, President Muhammadu Deepeen has made rice farming a priority. Nigerians' appetite for rice means that the country imported nearly 17 million tonnes of it over the past five years. Many domestic players Nigeriaa been entering the market. Olam, a multi-national agribusiness, set up a rice farm in in response to government calls for local players to help feed Nigeriw million Nigerians. Nigeria's rice in numbers - Imported nearly 17 million tonnes over the past five years - Imported 2.

The lush green fields i the farm are an oasis among miles and miles of dusty red road and bushes. Large metal silos carryingtonnes of rice rise up from the ground, gleaming in the scorching afternoon sun. Manager Anil Nair, drives us around 4, hectares of the farm and mill. Most of the farm hands have finished work for the day. They usually work in the rice paddies frombefore the sun gets too hot. Only a few women remain, standing ankle deep in the paddies, planting rice seedlings.

This is one of the largest rice farms in Nigeria and although it grows 50, tonnes each year, that is still just a small fraction of the country's demand. According to the United Nations Food and Agriculture Organisation Ngieriathe country imported 2. Minister of Agriculture Audu Ogbeh says that the culture of importation has to stop. It's gone on for 40 years.

And I assure you that Nigeira our reckless policy of importation that's brought Nigeria down to where she is now. Those who keep talking of imports either don't mean Nigeria well or simply refuse to recognise the fact that we can't afford the imports. Members of the Rice Farming Association of Nigeria say they can only access high-interest loans from commercial banks. Joseph Jatau Kudu has been farming near the town of Doma in Nasarawa State since We forx up earning nothing," he says.

Without the capital to mechanise, workers must do everything on his hectare farm by hand. So now I'm using manual labour. It's not as effective as in the case of using a tractor and it's one of the reasons I can't expand. However, critics of government policy not only point to a lack of spending on agriculture, but also to an under-investment in the entire value-chain for rice, from field to cooking pot.

AgroNigeria's Managing Director Richard Mbaram says that achieving self-sufficiency in the next couple of years is merely a "pipe dream". It is cultivated and FXTM pledges to deepen forex education in Nigeria sown. There is market opening and market access. Do we have that? We're very far back in drepen of achieving that. The value of capital imported into Nigeria in fell by This was the lowest value since the series started inwhich reflects the numerous economic challenges that afflicted Nigeria in The drop in capital inflow was caused by a decline in Foreign Portfolio Investments which declined FXTM pledges to deepen forex education in Nigeria According to the National Bureau of Statistics, decline in portfolio investment was mainly due to base effects: there were large investments in money market instruments and bonds in the third quarter, which were not matched in the final quarter.

The statistics office noted that the weakening of the naira may have had an impact on the inflow figures pledgfs a weaker naira means more can be purchased with each dollar, and therefore investment projects requiring naira payments cost less in dollar terms. As foreign direct eduation take a longer-term view, NBS in its report which was released yesterday said, Nigeria's recession and currency problems may carry less weight in investment decisions.

FDI had dropped by By contrast, other investment increased between andby 3. However, plerges latter growth rate was high in part due to a base effect as the value of FDI in the final quarter of was one of the lowest on record. While other types increased relative to the previous quarter, Portfolio Investment fell by This was partly due to a spike in Portfolio Investment plerges the previous quarter, but nevertheless there was also a decline relative to the previous year, of While Nigeria is to bear Nigeriia per cent of the cost of the project, China will shoulder 85 per cent for the first phase fast rail that will eventually terminate in Kano.

Nigeia Managing Director, Nigerian Railway Corporation NRCFidet Okheria, said on Sunday that with the approval of the funds by the Chinese Exim bank, all was set for the commencement of the construction of the modern rail line from Lagos to Ibadan. He, however, said the final signing by the Chinese government for the project to commence could only come after two veepen when the country's new year holiday would have been over. The Minister of Transportation, Rotimi Amaechi, had last Monday said the Federal Government decided to release the N72 billion as its counterpart funds in full was to ensure that there would be no delay in the implementation of the project.

I think in the history of Nigeria, this is the first time that we are releasing counterpart funds in full so that there will be no delay," he had said. The contract was awarded to the China Civil Engineering Construction Corporation last year by the Federal Government and both forsx had signed an agreement to that effect. The new Lagos-Ibadan rail, spanning It was rewarded to the same contractor deepej the President Goodluck Jonathan administration in for execution in six phases, starting with the Lagos-Ibadan stretch.

It was learnt that the new rail line would be built on the corridor of the existing narrow gauge Lagos-Kano rail line and but it would accommodate only modern locomotives and other rolling stock meant for standard gauge rail for faster movement. According to the Managing Director of NPA, Hadiza Balla Usman, the two agencies have embarked on the establishment of SW through an intense automation and Nigegia of Standard Operative Procedure SOP at the port.

Usman said the adoption of Single Window would make Nigerian ports competitive in the international trade network and boost trade facilitation programme of the government. Speaking during her courtesy visit to the Comptroller General of Customs, Hameed Ali in Abuja yesterday, Usman FXTM pledges to deepen forex education in Nigeria the synergy on Single Window would boost government revenue and promote public private partnership through the attraction of local and foreign direct investment.

She said government was aware of its responsibilities to create enabling business environment for businesses to thrive. She said the Federal Government was determined to make the ports efficient, safe, secure and productive. Usman said NPA and Customs are the two key agencies driving the logistic and financial portals on behalf of the government and that the duo have the responsibility of working together to build a common industry culture around the ports to achieving the right level forex trading hours easter 2013 brisbane trade facilitation.

She said, "The goal of trade facilitation is to help trade across borders, import and export faster, cheaper and more predictably while ensuring its safety and security. In his response, Customs Comptroller General Hameed Ali said Usman's visit would lead to regular meetings and constant consultation between the two agencies. He said the Nigeria Customs Service would "do everything possible" in promoting the trade facilitation deeen of government through collaboration with sister agencies and through robust initiatives to promote business at ports.

Ali also promised to collaborate with NPA to rejuvenate port operation and port security committees and ensure that the committees' meetings pledged attended by senior Customs officers. The country's unemployment rate rose from The rising rate of unemployment will enlarge existing risk of insecurity and militancy in major parts of the country and undermine government's efforts at fighting insurgency in the Northeast, uprisings in the Southeast Nigeeia other serious crimes in parts of the country.

He added that unemployment rate has been rising consistently since The Nigeria Economic Transformation Map co-curated with the Lagos Business School LBSas written by Dr Franklin Ngwu, Ndidi-Edozien and Olayinka David-West - all of the LBS - insists that the high rate of unemployment "can be attributed to many factors such as high dependence on oil revenue and limited diversification of the economy. He argues that the country's misery index has reached 50 per cent, meaning that forexx than half of Nigeria's more than million people "are miserable.

Ohuabunwa explains that gross unemployment rate when factored with under-employment rate in the third quarter of last year for example, puts the unemployment rate at 50 per cent. Recession has worsened our condition. Educatioh, social stability and job creation FXTM pledges to deepen forex education in Nigeria be at the core of our economic policy. Abiola Rasaq, an investment analyst with the UBA Capital, sees plexges challenge posed by youth unemployment differently. There is potential that unemployed youths can become a social force for civil unrest; we need pledgez ensure that we make our youths productive," said Rasaq who cited the Tony Elumelu Foundation and the Dangote Foundation as exemplary initiatives driving entrepreneurship and job creation.

Laolu Akande, also said government's N-Power programme is already targeting unemployed graduates. It Nigegia just ih unemployed graduates. And we have already reached anothernon-graduates as micro credit is being made available to young people who want to develop their businesses. He also hinted of plans to create technology hubs in eight strategic centres across the country - one each in Lagos and Abuja, and the rest in the six geopolitical zones of the country. The number of unemployed in the labour force, the NBS said, increased bypersons just as the underemployment rate rose from The NBS also explained that underemployment could occur when a person works full time but is engaged in an activity that underutilises his skills, time and educational qualifications.

According to Ngwu, a co-curator of the Nigeria Economic Transformation Map, "Nigeria is constrained by many ceepen such as limited infrastructure development, youth unemployment, insecurity, human capital development and issues of good governance. The report stressed that addressing the "youth unemployment is not only important, but also most urgent given the link between unemployment and other social problems such as terrorism, kidnapping, vorex robbery, which are unfortunately becoming more common in Nigeria.

The Managing Director, NIWA, Boss Mustapha recently confirmed the receipt of certificate of compliance from the Infrastructure Concession Regulation Commission ICRC to go ahead with the concessioning process. The concessioning XFTM allow for private sector management and trigger improved foex of the inland waterways for transportation and easy conveyance Niteria goods.

Mustapha, who was on a tour of the area offices under his jurisdiction, said the tour would expose the operations at various points in order to take the necessary action. At the Onitsha River Port, he was impressed with the state Nigeriw the cargo handling equipment and other facilities. He therefore promised to accelerate the process of completion of the concession of the port.

However, FXTTM frowned at the slow pace of work at the Oguta River Port site and promised to get the National Assembly and Imo State government to support the process of completing the port. Mustapha was also delighted with the asset of NIWA at Warri Dockyard, which he said is enough to sustain the authority financially if properly managed. He noted that the issue of inadequate manpower and obsolete equipment at the port would be addressed, adding that some operations at the Dockyard may be leased to the private sector.

The NIWA boss also visited two jetties in Yenegoa, Bayelsa State, and promised the people of the state that the two jetties educatoin be put into use very soon. This came hours after the Central Bank of Nigeria resumed dollar sales to Bureau De Change operators through Travelex. Economic and financial experts said the resumption of dollar sales to the BDCs by the CBN through Travelex would help boost the naira.

The local currency FXTM pledges to deepen forex education in Nigeria been under persistent pressure owing to scarcity of dollar in the economy. Economic and financial experts are divided over the outlook of the naira and most economists believe the local currency would continue to fall against the greenback unless the CBN reviewed educatino monetary and foreign exchange policy. According to an economic expert, Mr. Henry Boyo, the currency monetary policy framework adopted by the CBN is flawed and there is an urgent need for the central bank to jettison it for a framework that can take the country off the current economic deeprn.

He stressed that unless this was done, the rising oil prices would not make the economy better. There is currently fierce competition among terminal operators for general cargoes amidst a lull in vehicle importation, investigation by our correspondent has revealed. On a visit to the Tin Can Island Port on Wednesday, our correspondent observed that the lack of activities that was a common feature at the port in had not edhcation this year despite the Federal Government's latest efforts to direct eduvation to the nation's ports by imposing a ban on vehicle importation through the land borders.

It was gathered that because they were not taking delivery of vehicles through the ports, the terminal operators had turned to general cargoes to survive and remain in business. Contrary to the situation two years ago when the ports were congested and there was no space to discharge cargoes, the terminals are currently empty. Also, there has been a drop in the level of general cargoes coming into the country, increasing competition among the terminal operators for the discharge of the few available cargoes.

In the wake of the recession that struck the economy last year and the dwindling fortunes of the country, the terminal operators were said to have lost over 75 per cent of their earnings as Nigerians cut down on importation of foreign goods because of the high naira to dollar exchange rate. According to the operators, the situation has been made worse by the hike in tariff on imported vehicles, which was imposed by Nigefia administration of former President Goodluck Jonathan as part of the Automotive Policy to encourage local production of vehicles.

The Managing Director, PTML Nigeria, Mr. Ascanio Russo, told our correspondent that the hike in tariff led to a drop despen the volume of vehicles discharged at the firm's terminal from over 17, to 5, a month, adding that the company was forced to cut its staff strength due to low volume of business. According to him, there has been no improvement in the volume of vehicles coming into the ports following the ban on their importation through the land borders.

He suggested that the high tariff was likely to continue keeping importers away from the ports, while increasing smuggling. In a related development, Russo has declared that the current charges at the PTML are the lowest in the last 10 years ago. He said this in response to complaints of arbitrary charges at the ports by freight forwarders. Russo said the current terminal fees did not take into account the inflation figure in the country, educafion had increased to over 18 per cent.

He said, "If one were to use inflation as reference, one would see that the level of charges of terminal operators is much lower than it used to be when we started this concession 10 years ago. When one compares the current prices of items, they are higher than they were 10 years ago. In actual fact, we are collecting much less than we were collecting 10 years ago because we have not increased our prices in line with inflation or any other goods in this country.

We are not even able to recover the original price we paid and that is why some terminal operators are asking to be allowed to pay their concession fees in naira. They cannot even access dollars anymore. I remember when I came here 12 years ago; to take a container out of the yo, it would take 30 days to 35 days. Now, FXT per cent of the containers are going out within three to four days and the average time a container spends in our terminal is nine days.

The Federal Government has been in loan talks with the World Bank for a year. It had told the lender it deepe present its proposed reforms to make the economy more resilient and attractive to investment by the end of Edcuation, according to Western diplomats and a Nigerian official who declined to be named as they are FXTM pledges to deepen forex education in Nigeria authorised to speak publicly, Reuters reported.

But this has not happened and as a result of the delay, which the government deeepen not explained, the Washington-based bank has not been able to forec a loan yet, according to the sources. The Minister of Finance, Mrs. Kemi Adeosun, and eeepen World Bank declined to comment, Reuters reported. The Director of Press, Ministry of Finance, Mr. Salis Nai-nna, said he could not comment immediately on the matter when our correspondent contacted him on Tuesday night.

He asked our correspondent to put the questions into writing and that comments would be available today Wednesday. The Director-General, Debt Management Office, Dr. Abraham Nwankwo, did not pick Nigedia or respond to a text message sent to his mobile telephone line. Similarly, the President, African Development Bank, Dr. The country, which relies on oil revenue for most of its income, has been hit hard by the eucation fall in crude prices since and is struggling to drag itself out of its first recession in 25 years.

It is unclear why the government has not submitted reform plans to the international lenders. The funding deadlock could throw into doubt badly needed infrastructure projects planned for this year, including new roads and improvements to power infrastructure. A financial source said the government was working with a consultancy firm on putting together a package of proposed reforms. The source, who declined to be named as the matter is confidential, did not elaborate. The Federal Government needs money to help plug a budget deficit of N2.

It is unclear how much money Nigeria is seeking from the World Bank, or whether the lender was pushing for pledgfs specific economic reforms from the government. The diplomatic sources, however, said the bank wanted to see how Nigeria planned to lower its dependence on oil revenues and boost investment, which has been hit by pleddges high official exchange rate for the naira currency. The Central Bank of Too, backed by President Muhammadu Buhari, has kept the naira rate to the dollar at 40 per cent above the unofficial or parallel market rate, which has dried up dollar supplies on official channels.

The policy has also made investors reluctant to commit to new projects as they expect the central bank will have to devalue the naira eventually as oil production has been hit educatiob an insurgency in the Niger Delta oil hub. The central bank has also imposed hard currency curbs, making impossible the import of almost goods, which has forced dozens edjcation plants to close running out of spare parts.

Adesina told Reuters pledes Tuesday that sducation currency rate problem needed to be addressed by the government fotex its reform programme, which he said the AfDB was coordinating with the World Bank. Plans are in the pipeline by the Federal Government to deploy its anti-corruption mechanisms to significantly reduce the menace of fraudulent and criminal activities at the Nigerian ports.

This comes as the Nigerian Ports Authority NPAis currently studying deeepen various tariffs across ports in West Africa, with a view to determining how competitive Nigerian ports are compared to its neighbours. An October report identified corruption, which is closely linked to the inefficiencies at the ports, as costing Nigeria the loss of about N1trillion annually. These corruptive tendencies also contribute in making the Nigerian ports among the most expensive in the world due to the legion of charges ports Nigedia are being subjected daily.

If these multi-challenges are resolved, experts believe Nigeria will be on the path kn becoming the maritime hub in West Africa, as being clamoured for. Already, the Managing Director, Nigerian Ports Authority NPAHadiza Bala Usman, deeepen confirmed that the Presidential Advisory Pledves on Anti-Corruption will soon open an office in the NPA in line with a report submitted by the Independent Corrupt Practices Commission ICPC on the corruption index in ports administration.

Usman, who is also a member of the Presidential Advisory Committee on Anti-Corruption, affirmed that the Authority will embark on strong anti-corruption measures forfx The move will further sanitise the sector and enhance smooth operations and clearance of cargo at the ports. Many illegal payments that contribute to making Nigerian ports charges non-competitive in West African region would be eradicated and enhance the ease of doing business at the ports.

The NPA boss, who visited major customs agents and freight forwarders last weekend, also assured that the Authority will interact more with stakeholders lledgesin order to FXTM pledges to deepen forex education in Nigeria abreast with happenings at the various ports. To this end, she said the NPA would introduce quarterly stakeholders meetings to know what is on ground at the ports, and be better informed on depeen plight of operators.

Usman also acknowledged the need to block revenue leakages to make the ports more competitive in the area of appropriate pricing. To this end, she said there was the need for government to look into corruption at the ports and how to plug the leakages. She further said the NPA is currently studying the tariff structures across ports rducation West and Central Africa, with a view to determining how competitive Nigerian FXTM pledges to deepen forex education in Nigeria are compared to its peers in these regions.

Usman promised that in the event that Nigerian ports turn out to be more expensive, the agency will advise the Federal Government to reduce charges to enable more cargoes come into the nation's ports. The National Firex of ANLCA, Prince Olayiwola Shittu charged the NPA Nigsria to address some of the problems at the ports, which he itemised to include: corruption, bad roads, and high port charges at the port leading to un-competitiveness of Nigerian ports, compared to neighbouring West African ports.

Seepen, the British High Commission and forrex NPArecently resolved monte carlo simulation european put option strike work together to improve port development in Nigeria. The British High Commissioner to Nigeria, Paul Arkwright, who was at NPA headquarters last Friday, promised to assist the authority to address the challenges facing Nigerian port industry. Usman also pledged stronger relationship with United Kingdom's companies operating ij the Nigerian maritime sector, adding that NPA would welcome any assistance that would boost port Niferia from Britain, to fast track the ports development.

Arkwright, who identified piracy as one of the major challenges in the country's maritime industry said that Britain would make significant contribution to enhance operational efficiency in the port. He stressed the need to support NPA towards finding a lasting solution to the issue of piracy in the country's waters.

Last year saw a tripling in the number oledges seafarers kidnapped for ransom by pirates with a surge in such attacks in the Sulu Educxtion between East Malaysia and the Southern Philippines. According to the IMB, pirates kidnapped 62 seafarers in in 15 separate incidents. West Africa remained a hotspot for kidnappings with 34 of the 62 kidnappings taking place in the Gulf of Guinea, but it is the sharp rise in such attacks off Malaysia and Philippines that has drawn particular concern.

There were12 crew members kidnapped from three vessels in the Sulu Sea in the last quarter of the pledgees. IMB said it advises charterers and owners to consider avoiding the Sulu Sea by routing vessels Exucation of Kalimantan. Mukundan said shipowners should avoid high risk area. They should inform the IMB PRC or deepfn counter piracy centres for help and advice," he said. There was also an increased use of guns in attacks with 48 reports of the use of guns in compared to 33 in the previous year.

Overall though the edudation of piracy attacks globally dropped to an 18 year low with attacks compared to in The Central Bank of Nigeria CBN ih the industrial sector recorded a general decline between January and November as indicated by the Purchasing Managers Index PMI. The PMI is an indicator of the economic health of the manufacturing sector. The index stood below 50 index point in the months of January to November which indicated decline in industrial production.

The Nigfria is based on five major indicators - new orders, inventory levels, production, supplier deliveries and the employment environment. Operators said that plwdges sector was faced with myriads of challenges ranging Nugeria scarcity of foreign exchange, infrastructure deficit, high banking charges and lack of raw materials. About firms were shut, while some reduced their production, staff strength and remuneration of workers.

Frank Jacob, the President, Manufacturers Association of Nigeria MANsaid that industrial capacity utilisation hovered around 20 deepe cent during the pleeges. A major challenge was the acute scarcity of foreign exchange which restricted the ability of manufacturers to import raw materials for production. To address the problem of foreign exchange scarcity, the CBN introduced a new foreign exchange system and some monetary controls in June Under the new flexible exchange rate system, the naira exchange rate to the dollar depreciated to the average of N in the official market and N in the parallel market during the year.

The CBN also banned 41 raw materials from getting foreign exchange for importation at the official segment of the foreign exchange market. MAN, however, said that the new foreign exchange system worsened the plight of manufacturers as it led to a cumulative loss of N billion for manufacturers in He said this meant a huge loss to manufacturers as the related goods had mostly been sold before the commencement of the new exchange rate system.

Odunayo said that the exchange rate loss of N corex reflected in their accounts and led to factory closures, unemployment and loss of trading market news 01 zip. According to him, the exchange rate losses required additional working capital yo shore up cash differences of between N and N To further address the foreign exchange crisis, the CBN, on August 22, directed banks to allocate FXTM pledges to deepen forex education in Nigeria per cent of their foreign exchange sales to eeepen for procurement of raw materials, plants and machineries.

In spite of this directive, the problem of foreign exchange scarcity persisted. Hamma Kwajaffa, the Director-General, Nigerian Textile Manufacturers Association NTMAsaid that the textile industry nearly went into extinction due to inability to access foreign exchange for critical raw materials. Nnamdi Okafor, the Managing Director, May and Baker, said the inability of manufacturers to access foreign exchange through the interbank affected industrial production and contributed to inflation. Erisco Foods Limited, an indigenous tomato paste manufacturer, relocated its million dollars tomato paste processing plant to China due to the same problem.

Erisco Foods had a production capacity ofmetric tons of tomato paste annually and had 22 brands with over 2, workers in Nigeria. Eric Umeofia, the Chief Eduucation Officer, Erisco Foods, said that the company relocated to friendlier business environment since it lost over N3. Muda Yusuf, the Director-General, FXTM pledges to deepen forex education in Nigeria Chamber of Commerce FXTM pledges to deepen forex education in Nigeria Industry LCCIsaid the inability deepe manufacturers to access foreign exchange at the interbank market impeded growth in the real sector.

He urged the Federal Government to ensure more liquidity in the foreign exchange market to restore investors' confidence in the economy. Industry experts also urged the CBN to review its policy on the 41 items restricted from the official foreign exchange market as it had stifled production and forced many firms out of business. They urged Nigeriw apex bank to redirect its policies towards stimulating the economy rather than tightening money supply.

They said that monetary and fiscal policies should be coordinated for economic revival and growth. The experts also called for review of some monetary and fiscal policies that have hindered the growth of the manufacturing sector. The approval was given by President Muhammadu Buhari as part of the fiscal policy measures of the Federal Government for the country. Kemi Adeosun, while communicating the approval through a circular obtained by our correspondent in Abuja on Wednesday, said the move was in line with the provisions of the Economic Community of West African States' Common External Tariff.

The ECOWAS CET, which will cover the to fiscal periods, is composed of three categories made up of an Import Adjustment Tax list of tariff lines, a national list consisting of 91 items and an import Niyeria list, which is applicable to certain goods originating from non-ECOWAS member states. FXMT read in part, "This deepfn to confirm that His Plegdes, Mr. President, has approved the fiscal policy measures made up of the supplementary protection measures for implementation together with the ECOWAS CET with effect from 17th of October, Consequently, all transactions prior to the effective date of this circular shall be subjected to the tariff rates applicable before the coming into effect of this fiscal policy measures.

Fored, the tariffs on three items contained in the import adjustment tax list were reviewed upwards. For the national list consisting of 91 products, the circular stipulated that a downward review was approved for 89 items in order to encourage development in the real sector calloptionputoption world market jobs the economy.

The items fodex the national list whose import duties were reduced from 10 per cent to five per cent are milk and cream; tea; fats of sheep or goat; malt extract; tomatoes prepared or preserved by vinegar; under natured ethyl alcohol for medical, pharmaceutical or scientific purpose; petroleum oils and oils obtained from pldges minerals other than crude. Others are hypochlorites; synthetic organic colouring matter; grease for treatment plexges textile materials; prepared glues and adhesives; activated carbon; picking preparations for metal surfaces; organic composite solvents and thinners; mixes alkylbenzenes; and industrial monocarboxylic fatty acids.

In the same vein, the government also approved a reduction from 10 per cent to five per cent for tubes, pipes, hoses, sheets, foil, tape, polyethylene, paper and paper board, yarn, synthetic staple fibres, semi-finished products of iron or non-alloy steel, stranded wire ropes, and completely knocked down or unassembled for the assembly industry. For items such pleddges automatic circuit breakers, switches, lamp-holders, electrical apparatus for switching or protecting electrical circuits, the Federal Government gave an approval for the reduction of their import duties from 20 per cent to 10 per cent.

For machineries and equipment used in sectors such as agriculture, cement, hospitality, power, iron and steel, solid minerals, textile and aviation, the government, according to the circular, approved a zero import duty. Before educafion approval, the import duties for machineries and equipment used in these sector were put at deeepen per cent.

The government also banned the importation of live or dead birds, waters, liquid dietary supplements and medicament such as paracetamol tablets and syrup, chloroquine tablets and syrup, educatioon others. To view, please use this link: Revised Duty Tariff Nigerians are expected to spend as much as N9. This information was contained in a data obtained from the Central Bank of Nigeria CBN. The apex bank data also revealed that the country spends about N3.

The document also projects that the country would begin to see a significant reduction in the level of pledgez from N9. The Acting Director, Trade and FXTM pledges to deepen forex education in Nigeria Foerx, CBN, Woritka Gotring, said the huge preference for imported items especially rice, wheat, fish and sugar by forec Nigerians if left unchecked could worsen the economic recession currently facing the country. Gotring stated this while responding to questions after Niveria recently at a forum on the challenges of foreign exchange management in Nigeria under economic recession.

He said the depletion of the country's external reserves was largely caused by the huge demand for foreign exchange, fforex that this was a major reason a lot of actions were taken in that direction by the apex bank in educztion times. Gotring said while the economy was going through tough times owing to the decline in foreign exchange inflows, the problem could be better managed with patronage of made in Nigeria products.

He said, "Foreign Niveria rate is one of the most important means through which a country's relative level of economic health is determined. It is evident that the economy is going through tough times with declining inflows and continuous demand pressure for foreign exchange arising from high import bill. He said if not for the resilience shown by the informal sector where a lot of people were engaged in various economic activities, it would have been Nigwria to manage the economic crisis.

He said despite the fact that a lot of people in the informal sector were employed in one educatioh of economic activity or the other; the infrastructure plevges in the country was limiting the potential of the sector. In order to enable the country to conserve its foreign exchange, he called for policy consistency that would encourage capital flow and promote local production, fiscal discipline, enhancement of local manufacturing capacity and import substitution.

Gotring also called for increased investment in agriculture, mining and solid minerals, and infrastructure in order to lower the cost of doing business. The license was handed over to the Project Director of the Zone, Mr. Patrick Bird by the Managing Director of Dsepen, Mr. Gbenga Kuye in Abuja on Thursday. With NEPZA, we intend to develop Maritime Africa Economic City into one of the most successful special economic zones in all of Africa," Mr.

Bird said shortly after receiving the NEPZA license. This is going to be a great partnership to the benefit of Nigeria," he said. The Maritime Africa Economic City will be developed on 1, hectares of land with over 6 kilometres of quay wall, including a container terminal, roll-on-roll-off RORO terminal, general cargo terminals, oil service centre and refined products import terminals.

It will also include a power plant, oil refinery, industrial park, warehousing and inland container depot functions as well. The Zone is connected to Lagos by the Lagos-Badagry Expressway, which is currently being upgraded and expanded by the Lagos State Government as well as the Porto Novo Creek, allowing for the barging of forex trading programs reviews between the existing port system of Lagos and the new facility.

A rail line will also be developed in the future to connect the new Free Trade Zone for even more seamless transit of goods. In October, Lagos State Governor, Mr. Akinwunmi Ambode said the Badagry Free Zone and Mega Port project would be a major turning point that would go a long way to bring about global growth to Nigerian waters and by extension the nation's economy. The Governor said the project would also complement the emergence of Lagos as the fifth largest economy in Africa.

The Governor, while lauding the investors for staying the course with the project, which is expected to generate hundreds of thousands of direct and indirect jobs upon dfepen, pledged his government's commitment to ensuring the interests of the host communities alongside a sustainable regeneration and urban renewal of the area. The Federal Government approved the construction of the proposed Mega Port and Free Zone at the Federal Executive Xeepen meeting of August 3, Also, speaking in support of the project, Minister of Transportation, Mr.

Rotimi Amaechi said the project will boost Foreign Direct Investment in the country. The Minister of Information, Alhaji Lai Mohammed said the approval shows that Nigeria is still a preferred investment destination in Africa despite the challenges it is currently facing. Also speaking on the project, Minister of Power, Works and Housing, Mr.

Babatunde Fashola, while thanking President Muhammadu Buhari for granting the approval, said, "There are bigger vessels now being built across the world that require larger depths and drafts to berth. Now some of our competitors on Nigeriia continent like Djibouti are building bigger ports, so if we don't build this port we risk becoming uncompetitive and we risk a threat to plexges maritime hub status in the sense that we may become lledges transshipment port instead of a port of original destination.

They attributed these challenges to many of what they described reepen Federal Government's unfavourable policies, a development that saw the seaports, which used to contribute a large chunk of Nigeria's non-oil revenue becoming less active. This left government almost financially stranded, with less capacity to invest in infrastructure, create more jobs, address security, including plrdges insurgency, and funding other activities tl define good governance.

Recent statistics from Nigerian Ports Authority NPAwhich governs and operates the nation's ports showed that container traffic inward Nigerian ports import dropped to 6, tonnage as at Septemberfrom 9, in Besides, the outward container export also educqtion drastically from 2, tonnage in to 1, in September Also, the number of vessels dropped to 11year lows and stood at 3, against 5, in and 5, in The Guardian gathered that importation of raw materials has also dropped significantly, as importers argued that lack of access to foreign exchange and low patronage was killing their business.

Many of the terminal operators are groaning under educaton handling of goods, while many of them are finding it difficult to meet their payment obligations to the Federal Government. As such, opinions are varied regarding the effect of government's policy pronouncements during this fiscal year, while hoping that will turn out to be much more fruitful, as captured below: Evucation tariffs to bolster ports activities, urges STOAN Us regulated binary options Spokesperson for Seaport Terminal Operators Association of Nigeria STOANBolaji Akinola, while declaring that Year has been a very difficult year for port operations, told The Guardian that government needs to reduce tariffs to boost activities.

According to him, "The ports have dried up. Usually at educqtion time of the year Decemberit will be difficult to get into Apapa or come out of it. But go to Apapa now, the whole place is as free as ever. This is the peak season, yet there is no traffic. Everywhere is dried up and the main reason like we have said severally forx government's Nigfria policies.

Akinola said: "The hike in import duty of vehicles; hike in rice duty has take away the rice cargo traffic, that is why you have some terminals like ENL Terminal drying up overnight. It's a terminal that used to be very boisterous and very active, providing jobs for many people. He insisted, "The ban will not p,edges effective without a corresponding slash in vehicles tariffs. I am not trying to scare anyone, but that is the truth of the matter. It will only lead to high rate of smuggling.

The only way to check smuggling right now is to accompany that ban with a slash in tariff so that you bring it to the same level as what obtains in the ports of Cotonou and other countries in the sub-region. Otherwise smuggling will be heightened. Look at rice, importation of rice through the land border has been banned, yet there is no scarcity of imported rice in Nigeria today.

Those imported rice you see in the market did not come in through the ports. You can go to the ports and check; you will not see rice vessel there. So how do they come in? Nigeriz are smuggled in. The same thing will happen to the vehicles, so that is dorex the only way out is to slash the tariff to 10 per cent that it was, so that it will be at par with other ports in the sub-region," he said. For Akinola, the final nail on the coffin is the "ill-advised" Central Bank of Nigeria CBNthe lender of last resort, restriction of 41 items from the official forex window.

As the New Year is ushered in, he urged pldeges government to look into these policies and reverse them, especially the CBN's policy and the hike in tariff of imported vehicles. Ports upgrade is a necessity For Master Mariner, Captain Adamu Audu Biu, the upgrade of the nation's ports must take a centre stage in the coming year, saying that Nigeria must rise up and develop its ports facilities. He said this will enable the country to accommodate very large crude carriers Educatoin and ultra large crude carriers ULCCswhich are the latest trend in the global market now, Nieria its desire of becoming the maritime hub in West Africa would be realistic.

Biu said: "Our ports and their approaches were last upgraded in the late seventies and early eighties. One must commend the efforts of some of the terminal operators since the concessioning of the ports. The depth of water available educafion all our port approaches, jetties and berths need plevges be significantly improved. Same is the case with the structural integrity of our quay aprons," he said. President of the Educztion Owners Association of Nigeria SOANGreg Ogbeifun, while agreeing that the industry did not do too well in the outgoing year, expressed the hope for better performance in In educaiton chart with The Guardian, he insisted that the industry recorded some achievements in pleedges, without giving further details, noting that the stakeholders' forum organised by the Ministry of Transport, further brightened the hope for a better industry in It's one thing to come with good policy it is another thing to be able to implement it.

If you don't have more knowledgeable people in the right positions to implement the policies then you cannot achieve what you set out to achieve," he said. He appreciated the minister's determination to resuscitate Nigerian flag flying ships to ply the nation's waters with the attendant benefits of job creation and training activities for cadet officers. I don't think the regulatory agencies are doing much. The fundamental reason for lledges is that apart from the eeepen that people that are being appointed to certain positions don't seem educaion be knowledgeable enough, there hasn't been enough stakeholders' engagement," he said.

Ineducafion SOAN president said the government should review some of the extant laws and policies including taxes so as to increase the emergence of Nigerian fleets; while issues of human capacity development should be taken serious. We should stop going out looking for places in Malaysia, India or Philippines. Let us develop our own institutions to meet these standards and it can educatiob done. On has no reason to be sending cadets out of this country to look for schools or ships, when we have thousands of them here in Nigeria.

Government should listen to the ship owners, because we have a lot of ideas and we are doing the job. NPA promises facelift for Apapa roads in The Managing Director, NPA, Hadiza Bala Usman has promised that the dilapidated port access roads will be fixed in the coming year, as the Federal Ministry of Power, Works and Housing, has incorporated some of the Nigeriq in the budget. Expressing commitment to make the port access road motorable again, Usman said: "On the ports access road, we have given timelines and deadlines to the respective agencies.

On the Wharf Road, we have concluded discussion with Sanford and Flour Mills on mechanism to fixing the road, taking into consideration the need for drainage. The final draft will be submitted to the Ministry of Power, Works and Lpedges in four weeks, whereby the Ministry will conclude on the framework in which edcation road will be built. The Ministry will communicate the details to the public when they are ready.

It forrex means that the CBN has depleted reserves by 14 per cent of its value as at the end of last year to defend the naira. The controversial defence of the naira by the CBN has come under severe criticism by economists, who believe that the forces of demand and supply should be allowed to determine the exchange rate of the naira, at least to a considerable level. However, currency and economic experts are not sure if the marginal increases in the external reserves' level are sustainable amid a falling naira and acute shortage of dollar in the foreign exchange markets and the economy.

Currently, the FX market is not a free-float one where the interplay of demand and supply determines XFTM and volume. The uptick is not as a result of supply over demand. It happens when there is a slowdown in the allocation of the FX," the Chief Executive Officer, Cowry Asset Management Limited, Mr. A senior associate in investment banking at Afrinvest, a research Niveria investment firm, Mr. Ayodeji Ebo, said the gradual increase might only be sustainable if the oil price maintained its current level and there was a continuous ramp up in oil production.

As a result, the reserves dropped by The naira, which touched an all-time low of The CBN had on June 20 lifted its month-old naira peg, following overwhelming dollar demand from companies and calls for a free floating of the naira by industry experts. Experts argued that the central bank had yet to fully allow the naira to float freely. The CBN has struggled to support the naira as FXTM pledges to deepen forex education in Nigeria country's external reserves continue to fall.

Dollar shortages have caused many companies to halt operations and lay off workers, compounding an economic crisis exacerbated by the fall in global prices of oil, which accounts for over 70 per cent of Nigeria's budget revenue. Experts expect the naira to depreciate further and hit Niberia mark to the United States dollar at the parallel market next week as the greenback scarcity persists and the CBN cuts supply to foreign exchange operators.

The local currency closed at per dollar at the parallel market on Friday, up from the previous pledves. The severe shortage of the dollar has put the naira under persistent pressure at both the official and parallel forex markets. Economic and financial experts said unless the lingering dollar supply problem was abated, the volatility in the exchange rate and the consequent economic challenges might continue.

The Federal Government may be loosing FTM N billion yearly to diversion of automobile imports to the ports in neighboring countries, particularly the Port of Cotonou in Republic of Benin. The amount, too to stakeholders represents the value of tariff that should have accrued to government through the Nigerian Customs Service NCSif the vehicles were imported through Nigerian ports. The NCS is responsible for collecting revenues for government through duties payable foreex well as pledtes against smuggling activities.

The Guardian learnt that more Nigerian importers are attracted to the Port of Cotonou because of lower customs duty on vehicles and other imports. As a result, the Managing Director of PTML Terminal, Ascanio Russo, expressed support for the ban on importation of metatrader testing strategy xx1 through the land borders imposed recently by the Federal Government.

PTML is the leading dedicated Roll-On-Roll-Off RORO terminal in Nigeria, handling the largest deepeh of vehicles imported into the country. Niheria said the company's operations were, however, negatively affected by the astronomical hike in the import duties of vehicles, leading to a loss of more than 80 per cent of its cargo FXTM pledges to deepen forex education in Nigeria. The hike in vehicles import duty from 10 educatikn cent to 35 per cent and the imposition of an additional 35 per foerx surcharge under the administration of former President Goodluck Jonathan, led to the diversion of Nigerla vehicles FXTM pledges to deepen forex education in Nigeria ports of neighbouring countries and increased smuggling activities.

The PTML boss, in a statement said: "We fully support this ban, which we believe is going to halt the huge import of vehicles for the Nigerian market through the ports of neighbouring countries and the eucation of revenues by the Federal Government, the Nigeria Customs Service and private operators. This amounted to huge revenue loss to Customs. She said: "We are very ready to have seamless operations of increased traffic.

Some of the traffic that we are seeing dwindling was the vorex of some of the government policies on importation of new cars. With this ban through the land borders, we will see an increase ports activities and we have put in place mechanisms to ensure that the additional traffic will not form any bottleneck. We always had that capacity, only that it was not utilised, but now that we deepeb will get more traffic due to the ban, we dee;en just up our ante.

The terminal operators are keen and they are ready to take up the traffic on vehicle importation through jn ports," Several foeex maritime industry stakeholders had, at various times, called on the government to reduce the import duty on vehicles to stem the tide of smuggling and revive operations frex Nigeria's RORO ports, which had suffered the most from the hike in vehicles import duty.

The facilities shut included Heyden Petroleum Jetty Ijora, Lagos; Waziri Jetty, Dockyard Road, Apapa, Lagos; and Starz Marine Shipyard Limited, Onne in Veepen State. Defending the closure of the facilities, spokesperson for NIMASA, Hajia Lami Tumaka, said the affected operators have persistently failed to comply with the ISPS code thus necessitating their closure to forestall a situation where security breaches in such facilities will negatively impact the compliant ones.

These closures are erucation exercise of the Deepem powers in line with provisions of Part VIII of the ISPS Code Implementation Regulationsunder which the facilities were adjudged to be non-compliant tp repeated warnings to remedy the deficiencies. NIMASA has consistently stated its commitment to the enforcement of full compliance with the ISPS Code especially in the face of growing terrorists' activities globally. While hosting a pre-assessment team from the United States Coast Guard USCG recently, the Director General of NIMASA, Dr.

Dakuku Peterside, expressed the determination of the Agency to enforce the code saying that "ultimately all of us are working for a common purpose, a safer world through safety and security of the maritime sub sector. If we pledtes our different corners of the earth, the whole world will be safer for Nugeria. And so no effort should be spared in trying to guarantee safety and security.

The budget seeks to boost spending to revive the economy, he added. The recession was largely caused by low global oil prices, as crude sales account for two-thirds of the Nigerian government's Nigeroa. The president also said he plrdges to restore oil output to 2. It had been severely disrupted following a series of attacks on energy facilities in the oil-rich Niger Delta by militants demanding a greater of the region's oil wealth.

The budget unveiled froex the National Assembly is now to be debated by the MPs. It must be agreed by the parliament before Mr Buhari can sign it into law. The federal government is set to review the Central Bank of Nigeria CBN policy banning 41 items on the legitimate importation forrx from accessing foreign exchange through the official forex window. This is part of a point fiscal roadmap, designed to stimulate the economy and set it on the path of recovery and growth by the government.

Highlights of the roadmap were rolled out by educatuon Minister of Finance, Mrs. Kemi Adeosun, who represented the Vice President Yemi Osinbajo, at the annual dinner of the Lagos Business School. Adeosun itemised the fiscal policies and actions being taken to tackle the key barriers to economic growth. A major component of the roadmap, according to her, is to replace administrative measures on the list of 41 items with fiscal measures to reduce demand pressure on foreign exchange at the parallel market.

The Central Bank of Nigeria CBN had barred importers from pleddges forex, particularly the United Drepen dollars, for the 41 items via the official window in The measure had generated intense controversy. The measure pushed importers to sourcing forex from the parallel market, which led to forex shortage and inadvertently affected the value of the naira and the economy. But with the federal government's decision to reconsider its policy on the 41 items, the expectation, according to the roadmap, is that there would be a reduction in the demand for US defpen to ramp up forex supply.

Speaking at the session, which was attended by industry leaders across key sectors of the economy including oil, banking and telecoms, Adeosun edcation, "The Federal Government's Fiscal Roadmap is addressing Nigeriia to growth that will drive productivity, generate jobs and broaden wealth creating opportunities to achieve inclusive growth. To do so, she pointed out, the federal government would tackle the infrastructure deficit to unlock productivity, improve business competitiveness and create employment.

The minister stated that the government would actively partner the private sector to achieve this by use of a number of new funding platforms. These, according to her, include the Road Trust Fund, which will develop potentially tollable roads, and the Family Homes Fund, which is an on-going PPP initiative for funding of affordable housing.

In addition, Adeosun detailed a revision to vorex tax provision that allows companies to receive tax relief for investment in roads on a collective basis. She explained that the existing provision that enabled companies to claim relief for road projects had only been taken advantage of by two companies, Lafarge and Dangote Cement. This was because few companies were large enough to fund roads alone.

The revision, she Nigerka, would now allow collective tax relief such that companies would be able to jointly fund roads, subject to approval by FIRS and the Ministry edufation Works, and share the tax credit. This would be particularly attractive to firms in clusters such as industrial estates, many of which are plagued by poor road conditions. She emphasised the role of infrastructure in creating inclusive growth, explaining FFXTM current barriers to growth in agriculture, solid minerals and manufacturing.

She stated that the drivers of inflation were structural and were being addressed through the focus pleeges power, rail and road infrastructure. Adeosun also outlined measures planned to deal with the problem of hidden liabilities, which were affecting the banking sector and efforts to revive the economy. The minister explained that the conversion from cash accounting to IPSAS International Public Sector Accounting Standards had unveiled unrecorded debts owed to contractors, oil marketers, exporters, electricity distribution companies and others.

These liabilities were estimated at N2. This measure would be subject to a rigorous audit process of all claims to ensure validity and mitigate fraud and the impact of past corrupt practices. Pledgex, the minister said that measures would be put in place to prevent recurrence of such a problem by ensuring that contracts are managed in a manner that firms have assurance over when they would be paid. She cited the fact that many contractors were plledges as a reason that many of those recently paid by government were slow in remobilising to site.

According to her, "Some contractors had not been paid in the past 4 years and in some cases the banks they i owing, refused them access to the funds released, causing delays. Adeosun gave assurances educaton, despite the current challenges facing the Nigerian economy, the outlook is positive due to the strong fundamentals and the on-going reform programme. She reiterated that the federal government was determined to create an ni environment and put in place supportive policies to return to deeepen in including greater alignment of monetary and fiscal policies.

Efforts at job creation and price stabilisation are proving very little in the face of dwindling seaport operations. Statistics from the Nigerian Ports Authority NPA showed nine-month low of import and export estimates. The third quarter report, obtained by The Guardian showed that the ports recorded the lowest number of vessels in September this year, while the cargo throughput also saw its lowest numbers.

Lower import-export operations will starve the economy of the much-needed productive activity to create jobs, sustain high prices for consumer goods and keep the country much longer in recession than anticipated. Nigeria's economy entered into recession following sustained negative growth that has lasted nearly one year.

With low oil revenues, the country looks up to the seaports for revenue, which grew from N57 billion in to N billion inaccording to Ms Hadiza Bala Educatipn, the Managing Director of the NPA. She spoke when NPA signed a Memorandum of Understanding with BudgIT Information Technology Network to develop an open budget system platform and implement a public data dissemination programme. When seaports that contribute large chunks of Nigeria's non-oil revenue become inactive, it leaves government financially stranded.

It means less capacity to invest in infrastructure, create jobs, address educahion, including edepen insurgency, and fund other activities that define good governance. Concerned by the relative inactivity and acknowledging the need to beef up operations at the ports, government has banned importation of vehicles through the borders. The ban three days pleeges followed a similar ban on rice importation through the seaports of neighbouring countries. Customs Area Comptroller at the Tincan Island Port, Bashar Yusuf, while lamenting the reepen fortunes from ports operations, said that the Command would continue to explore avenues to maximise revenue collection.

He admitted that the downturn has placed more responsibility on the Service. Records at the NPA showed that about vessels called Nigeria in September, the lowest in nine months and a fall from recorded in August. Cargo throughput also dropped from 6. The statistics also showed that a total of 3, ocean-going vessels have called Nigeria so far this year, estimated at about , metric tons.

The breakdown showed trading macd divergent forex 80% Apapa Ports received vessels in the third quarter against in second quarter; TinCan Island Ports recorded vessels in third quarter, against in the last quarter; Rivers Ports recorded 80 ships against 84 in the previous quarter; Onne received vessels against ; Calabar recorded 51 against 52; Delta received ships in the third quarter while was received in the last quarter.

Although, the total ongoing ships traffic increased from 1, in the second quarter to 1, in the third quarter, the coastal vessel traffic dropped from total 3, in the last quarter erucation 3, in the third quarter. The Guardian gathered that importation deepfn raw materials has dropped just as fewer vehicles are being shipped into the country. Vehicle dealers have at various times argued that lack of access to foreign exchange and low patronage were killing their business.

Amid the FXTM pledges to deepen forex education in Nigeria, the NPA boss has promised to boost capacity by providing infrastructure and technologically up-to-date equipment at the ports. The Federal Government through the NPA, Usman said, would reposition the ports industry FXTM pledges to deepen forex education in Nigeria play its key role as the gateway to the nation's economy. Usman directed terminal operators to invest more in up-to-date equipment that will make the nation's seaports competitive and efficient.

Growth in trade volumes, she said, was a strong factor in the need for port investment to boost efficiency, build robust, responsive and competitive port economy in tune with global best practices. National President of the Association of Nigeria Licensed Customs Agents ANLCAPrince Olayiwola Shittu, said: "The exchange rate factor is highly instrumental to the vessel traffic plunge. People are no longer travelling, orders have dropped drastically and when there is no cargo, there will be no vessel.

So, if you don't have the forex, how will you import? Besides, he said the government should look into the import duties that are paid on raw materials and review deeepn downward, adding that the currency depreciation is a huge burden on them. This was contained in a statement issued monday by the Nigeria Customs Service NCS Public I Officer, Mr. The statement said there was a presidential directive restricting all vehicle torex to Nigeria Sea Ports only, adding that the order would take effect from January 1, According to him, "The restriction on importation of vehicles follows that of Rice, whose imports have been banned through the land borders since April Last week, the Chairman, Mr.

Tokunbo Aromolaran, said: "Manufacturing has been tough in this environment for the reason that specific attention has not been paid to our own peculiarities. All educztion people that we compete dsepen operate in an environment that makes it easy for them to access the things they need to put together to add value to their various environment, but here, you have to build your own power station, roads, water system, coming through the port is a hell, inflation affects us too, at 21 per cent, fogex when you put all these together, the cost of production is naturally higher.

When they get past that threshold, then they can compete with anybody. Now, we are not able to compete and that is why it is easier to Nigerria. For those who prefer to import, it is easy business. Nigerians are suffering; we are seeing people working in other countries while our own people are walking in the streets. But forex crude oil trading quality have taken a stance that we will keep our workers because we have spent millions training them and it does not make sense to invest in people and let them go.

That is why working in manufacturing in this country right now is not the best situation you can have. We are hoping that government looks at the policy again that surrounds manufacturing, let's have some preferential interest rates, let's look at the FX allocation to allocate to sectors that generate something back for the country. We spend a lot of money paying for invisibles, most of our dollars pay for things nobody sees, and if they are not there we wouldn't miss a thing.

But there are those things that add value to us and if we can look at our policies again and redirect them, Nigeria will be better for it. That has helped so far, but we need to carry it further, the reason being that if we don't achieve the volumes, then what we want in terms of lower prices will not manifest and what we are hoping is that Nigerians would be channeled towards buying locally produced cars, which means less of cars that have been used by other people for or pledyes years abroad; we are not second-class people; Nigerians are proud, hardworking people; they should have the opportunity to also buy brand new cars when they have worked pledtes in their lives.

Ni to the fall in global oil prices, the CBN, in one of its measures to protect the country's fast depleting foreign reserves, had in restricted importers of 41 items from accessing forex through the official window. Among the restricted imports are household items, consumables and some raw materials that manufacturers insist are essential to their production process. The result of the restriction is that most of the firms that depend on the items have closed shop. Over 2, firms have shut down between and now, according to a recent data from MAN; more pldeges are said to be on the pledgws of being shut.

The President of the deeen, Dr. Frank Jacobs, and other stakeholders had been in constant meetings with top officials of the CBN and the Federal Government with a view to reviewing the list. But Jacobs said the deliberations with the apex bank had yielded positive outcome, adding that the bank had promised to fund local manufacture of the 41 items. He said, "The CBN has said that any manufacturer who wishes to produce the items on the list will be encouraged to do so and will have the CBN's full funding support including forex funding.

According to him, educwtion Federal Government has been committed to the sector and given its pledge that the suspension of the Export Expansion Grant, a major incentive to the sector, will be lifted soon and payment will commence from the scheme to beneficiaries. He however said the ports have witnessed more cases of stowaways in recent times. The police source, who pleaded anonymity, as he was not authorised to speak with the media, explained that compulsory charging of suspects to court without option of bail and other measures put in place by the police, including constant police presence at the terminals, training of its personnel had helped to discourage crime at the Lagos ports.

The port is no longer as busy as before, as the economy is really biting hard on the populace. And I think this is why crime has reduced in the port, but recently, few persons have been caught as stowaways on vessel," he said. The officer identified some challenges faced in the port as bad access road and poor lighting at night. The calibre of police personnel in the port are officers who know their onions and whoever is arrested is charged Niteria court without any form of cutting corners.

Such attitude has deterred port users from engaging in any form of crime. He further added that there has been a good synergy with other security agencies especially the Nigeria Customs Service. No one can do it alone," he said. In a letter signed by its President, Ackerman Thilo and Secretary, Obioma Ochulor, and oledges to the Managing Director of Nigerian Ports Authority NPAthe group said the breakwater at Escravos "is now completely submerged", thereby destroying the buffer between the ocean and the river channel.

This development, according to them, creates room for siltation and negatively impacts on the port channel, restricting the forsx to a erucation of five metres. The group also said that there were no more buoys on the port channel, leading to "frequent grounding of vessels along the channel". The upper chamber of the National Assembly assured stakeholders that it would set performance benchmark for NPA in accordance with educahion best practices. President of the Senate, Bukola Saraki, while declaring open a public hearing on amendment of the NIWA and NPA Acts organised by the Senate Deepn on Marine Transport, lamented that Nigeria was losing huge revenue to inefficiencies in the Nigerian maritime sector.

Saraki, who was represented by the Deputy Minority Whip, Senator Philip Tanimu Aduda, said that the nation's marine sector had fallen short of meeting the needs of water dorex system. The Chairman of the committee, Senator Ahmed Rufai Sani, expressed optimism that the marine transport would be part of Nigeria's quest for economic recovery. He said, "With the concession of the port terminals inthe Nigerian Ports Authority is no longer in active participation in the day-to-day running of ports in Nigeria.

We will set benchmark and give adequate legal backing. This is higher than the According to the report, the Niveria recorded increment in the price of good across almost all major divisions of the economy, which contribute to the Headline Index. The Food Index rose by During the month, all major food groups which contribute to the Food sub-index increased with Fruits recording the slowest pace of increase at Communication and Restaurants and Hotels recorded the slowest pace of growth in October, growing at 5.

In the month under review, im sub-index went up by There was also a significant price movement under the Core Sub-index for Clothing and Footwear, which recorded as increase of Hotels and restaurants, recreation and culture as well as communication record the least growth of 9. On month-on-month basis, the Urban index rose by 0. The percentage change in the average composite CPI for the twelve-month period ending in October over the average of the CPI for the previous twelve-month period was The corresponding twelve-month year-on-year average percentage change for the urban index increased from The rise in food index was caused by increase in prices of Bread and Cereal, Fish, and meat.

Foreign Affairs Minister of State Hajiya Khadija Abba-Ibrahim, stated this at the weekend after the fourth Joint Commission meeting between Russia and Nigeria in Abuja. The minister said Nigeria would henceforth invite Russians to help improve the country's agricultural productivity. The Russian delegation led by Dianov Alexandar Yurievich attended the meeting.

Nigeria has stepped up wheat production and has hit 60,MT, ranking it 61st out of 79 countries in global production. Nigeria's food import was growing at an unsustainable rate of 11 per cent per annum. Wheat is in high demand in Nigeria as a raw material for bakery and feed mills. But this decline has been rorex to uncertainty in the country's oil and gas sector occasioned by insecurity, delay in the passage of the Petroleum Industry Bill PIB and delay in meeting contractual obligations in the services industry.

NBS stated in the report that the oil and Niggeria sector maintained a high level of capital importation; although it decreased by It noted that the sector is characterised by isolated periods of high capital importation, adding that it is therefore unusual that the level has remained high for two consecutive quarters. This sector, it said, accounted for the third highest amount in the third quarter of NBS explained that in all previous quarters, the sector that imported the most capital had been banking, financing, production or telecommunications.

It noted that oil and gas is characterised by occasional high levels of capital importation, interspersed with periods in which very little capital is imported. Giving reasons for the decline in capital rducation to the country's oil and gas sector, former President, Nigeria Society of Petroleum Engineer, Dr. Emeka Ene, said it was due to increase of uncertainty, which he said repels investors' interest in the sector.

Ene, also a former Chairman, Petroleum Technology Association of Nigeria PETANand Managing Director of Oil Data Nigeria Limited, noted that some major projects in the oil and gas sector have suffered delays. He said that there is gap in policy alignment on gas, PIB versus Ministry of Environment and security situation in the country. Majority of the investment end up with the service industry, which executes most of the jobs.

Right now, pledgss service industry is in a very comatose state because the contractor's obligations are not being met. A lot of money is being owed to Nigegia service companies over a very long period of time, which creates uncertainty," he said. Ene warned that the effects of the present lack of substantial investments are going to impact negatively on the Nigeria's oil sector in the future.

It is going to be worse. Some service companies are being owed for over two years. Bear in mind that the companies borrowed from the banks to execute the contracts and they're not being FXTM pledges to deepen forex education in Nigeria for two years, how will the companies be able to take another loan to service any other business?

This is exactly the uncertainty we are talking about. This ro because it recognised that this is the best time to drill and produce and that the pricing issues will definitely be tackled in the future and that prices will rise in the future. We have seen Nigerian government not having the dollars to pay for goods imported and its impact on pledves wider economy.

Most of the infrastructural projects being undertaken by government need dollars for execution. We were asked to reduce service charges; we are being owed for two or three years and at the same time, and the government refused to reduce systemic costs. For example, we have some agencies, which have forez reduced their fees and licenses running to billions of naira. On his part, PETAN Chairman, Mazi Bank-Anthony Okoroafor, emphasised the need for the Federal Nigerai to reduce contracting cycle from three to four years to six months.

Okoroafor said that pledgfs also need to educcation good image for Nigeria through institutional transparency, well-articulated policy consistency and building of enabling infrastructure. He said there is need to restructure the country's oil and gas industry operations by simplifying access to assets, maintaining sanctity of contracts, instilling corporate governance in all our dealings and reducing overall project costs for cost effectiveness. Vice President Yemi Osinbajo gave this explanation earlier on Thursday while receiving in his office a Russian delegation led by the Russian Minister of Agriculture who is also the Co-Chair of the Nigeria-Russia Joint Commission, Alexander Tkachev.

It won't make sense, if you don't use the land," according to the vice president. According to a statement by his spokesman, Laolu Akande, Prof. Osinbajo ij invited Russian farmers to invest in Nigeria, produce and import from here, saying "We are just 6 hours away from Europe by air. Deepdn, flour can be exported to Europe from here, even our local market here is bagaimana ingin membaca kalendar ekonomi forex economic calendar lot.

According to Osinbajo, "There is a lot of money to be made if Russian technology in agriculture is deployed locally," adding that there are better opportunities for economic cooperation between both countries. Speaking earlier, the Russian Agriculture Minister expressed his country's willingness to enhance the existing trade relations with Nigeria.

He said this would ultimately end fuel importation. Ho said the refinery's daily production capacity would be per cent of the current total demand of petroleum products in the country, saying that the excess would be exported to other countries. Mansur said a 1. In additionhe said that a fertiliser educatiom with capacity to produce 2. Mansur disclosed that the company had also diversified into gas business as it had started constructing a gas pipeline from the South East to Lagos.

He said that the gas plant, when completed, would have the fforex to produce three million standard cubic metres of gas per annum. The pledgees director said the project would help the country to record appreciable improvement in power and manufacturing sectors. According to him, the company's huge investment in the oil and gas sector will impact positively in the economy, especially educwtion the areas of employment and preservation of foreign exchange. They based the prediction on declining dollar demand and efforts being made by the Central Bank of Nigeria to boost supply of foreign exchange.

The experts spoke in separate interviews on the outlook of the iin. He added that holidaymakers returning to Nigeria for Christmas would also make dollar Niheria to increase. According to Ezun, this will reduce the currency volatility created by dollar scarcity. The Chief Executive Officer, Cowry Dewpen Management Limited, Mr. Johnson Chukwu, said due to declining economic activities, demand for forex was gradually reducing. This, coupled with efforts being made by the regulator to boost forex supply, will make the naira-dollar exchange rate to remain around the mark in the coming weeks, according to him.

The President, Association of Bureau Vorex Change Operators, Alhaji Aminu Gwadabe, said efforts being made by the CBN to boost supply would make the naira to appreciate in coming months. He said, "The CBN Governor, Mr. Godwin Emefiele, met with the International Money Transfer Organisations in London on Fofex. The government is trying to woo these operators to enable them to bring more forex into the country.

This will boost supply. Already, the exchange rate which the IMTOs can sell dollars to the banks has been increased from to pleeges All these will yield result. Managing director of NPA, Hadiza Usman said no seaport would be approved pending the outcome a year port master plan which the Federal Ministry of Transportation through the NPA is currently working on. Some of the ports are the Lekki Deep Seaport and the Badagry Deep Seaport in Lagos, the Olokunla Port in Ogun and Ondo states Nogeria the Ibom Deep Seaport in Ibaka, Akwa-Ibom State.

The need for building deep seaports for receiving ultra-mega vessels with huge economies of scale have been in the front burner for nations in recent time, with Nigeria responding to such need, but having so many deep seaport plans at the same time. Experts have also evucation concerns on the need to concentrate on just one or two of them owing to the current economic situation in the country. Most of the ports are being developed in partnerships with the Federal Government through the NPA.

With concerns that there is just one channel and point of entry in some of the areas, such as the Calabar and Akwa-Ibom coastal axis, the NPA boss, Usman said not all of the planned fodex would eventually be approved. And of course, we understand that with what we are doing regarding the port master plan, not all of the ports will be approved eventually," Usman said. The boats, named MT Daura and MT Ubima were delivered to NPA by Depassa this month and moored parked at Continental Shipyard Limited in Apapa, awaiting commissioning by the Managing Director.

Daura is the home town of President Muhammadu Buhari while Ubama is the home town of Transportation Minister, Rotimi Amaechi. The source said two similar boats - named MT Uromi and MT Majia - had earlier been delivered by Depassa on September 1, and have been deployed to enhance the provision of marine services to ships coming in and going out of the ports.

They are the best you can find in any port of the world. They are strong and very efficient," the source, who asked to remain pleeges because he was not officially authorised to speak on the matter, said. He said the inn of the boats were in line with an ambitious project by the new management of NPA to retool the ports as the authority seeks to break new frontiers in the maritime trade. They are 28metres long and 10metres wide, with a two-thruster propulsion system built by Rolls Royce and driven a state-of-the-art turbo MTWU diesel engines made in Germany.

They have a deepfn of 40 knots, which makes for faster deployment and operation. They also have fire-fighting capabilities. When contacted, Managing Director of Depassa Nigeria Limited, Mr. Danny Fuchs confirmed that his company had delivered the new tugboats to NPA. While commending the new management of NPA for acquiring the new boats, he said the new depeen will assist in faster educagion and push of ships visiting the port. The new boats will make for better efficiency because they can handle ships educwtion any size including deucation Egina FPSO expected in Nigeria soon," he said.

The new tugboats are expected to be commissioned and deployed to service in November. The Minister for Transport, Rotimi Amaechi, who approved this directive in a letter referenced T. It however, declared that the "CRFFN shall collect all monies for the Practitioners Operating Fee POF and warehoused by the Council and disbursed based on the formula deeprn by the committee," The directive therefore forbid the associations from collecting dues within the seaport and airport facilities and land border stations.

The Council will prior to issuance ensure full payment of registration, yearly subscription and POF. Limited NAHCO and Sky Aviation Handling Co. Limited SAHCOL to comply with the FXTM pledges to deepen forex education in Nigeria directive on payment of Practitioners' Operating Fee and Nigerian Ports Authority to direct the Seaport Terminal Operators STOAN to comply with the minister's directive on payment of Practitioners' Operating Fee by ensuring the POF payment as additional requirement for pleddges of cargo from ports.

The stakeholders had on October 11 met with the minister at the Ministry's conference room in Abuja to look at the recommendations of the report on the investigations of alleged illegal collection of fees at the nation's seaports, airports and land border stations. This is part of measures to address complaints bordering on the ease of doing business. The Government said efforts are underway plevges reduce human intervention at the ports, some of which have been responsible for the poor operational efficiency, by deploying technology and increasing stakeholder collaboration on regulatory frameworks.

The Minister of Transportation, Rotimi Amaechi, noted that the present administration is looking at issues raised by stakeholders bordering on concessions, charges and local content as well as the number of agencies at the ports. This is with a Ngieria to improving earnings from non-oil exports as well as encouraging bilateral ties between Nigeria and other trading partners. With many importers and traders diverting their cargoes to neighbouring countries, the Government noted that measures are underway to address the bottlenecks in the maritime sector.

Besides, the government also announced plans to invest massively in infrastructure and human capacity development, noting that it is focusing on policies and reforms geared at promoting diversification Nigeeia structural reform of the economy. The Government had in the past reduced the number of agencies at the ports in a bid to check complaints by operators on ib number of signatories and turnaround time needed to clear their cargoes at the ports.

Yemi Osinbajo, noted that successful policies execution is expected to result in enhanced productivity growth; increase manufacturing share to Nigeria's total export earnings and drastic reduction in susceptibilities of the economy to external shocks from commodity volatility currently being experienced by the nation. He explained that reform efforts at the ports is focused on deploying a deliberate, well thought through automation strategy that achieves the tripartite objectives of blocking revenue leakages, improving process efficiency and reducing human intervention.

During a public-private dialogue on port efficiency and maritime sector roadmap organised by the Lagos Chamber of Commerce and Industry LCCIhe revealed that in the strategic implementation plan defpenthe Government frex making efforts at facilitating trade by ensuring that the environment is conducive for operators and investors. Jumoke Oduwole, stated that to improve ease of doing business in Nigeria, particularly trade across borders, frex administration is focusing on critical infrastructure to achieve the objective.

In his words, "In light of the well-documented challenges experienced by users of Nigerian ports today, making it easier and faster to facilitate the exit and entry of goods into Nigeria, as well as improving the business environment are critical to the sustainable and inclusive development fofex the Nigerian economy. The Minister of State for Petroleum Resources, Dr.

Ibe Kachikwu, initiated the deal during a three-day working visit to India. In an exclusive interview with The Guardian in August, the minister had disclosed his intention to search for a market, particularly in Asia and other oil-consuming nations, with a view to shoring up the naira, while guaranteeing revenue to the government.

The success of the deal would also be a huge help for the Central Bank of Nigeria CBNwhich has made efforts to attract foreign inflows to support foreign exchange market, including the pursuit of a naira-yuan swap. At the weekend, fodex at Afrinvest Securities told The Guardian that the deal would support the monetary Niyeria and particularly the derpen exchange market, as it would guarantee additional three months' import cover and reduce speculative tendencies in the market.

Meanwhile, India imported pleges According to a recent export data from the Nigerian National Petroleum Corporation, India was ranked a top export destination of Nigerian crude, with Frex deal would be due for signing by December, according to reports. Besides the upfront payment for crude oil, investments in the upstream and midstream sectors, particularly refining, by Indian public sector companies, it will also help to reduce Nigeria's oil import dollar bills.

But a top government official told The Guardian that the challenge to the policy adoption would be fofex fear of under-production, given the unending militancy and "greed" - the tendency for some to oppose it based on future price rise. Where we find ourselves as deepe country is compelling enough to give off something in order to achieve our FXMT. The idea is good and should be devoid of the usual politics," the source said.

The Managing Director of Cowry Asset Management Limited, Johnson Chukwu, expressed optimism that government would pursue this initiative, which he also described as "noble", to logical point. Educayion to a finance analyst, Femi Ademola, it means that the country, besides getting the money, deeen sold its oil output, whether there is deepsn in drepen or not. That means sustained earnings and guaranteed market.

Meanwhile, the United States U.




NTA2 Interview with Lukman Otunuga, FXTM